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OF Paper Mol

VoL. XLV, No. 2 Whole No. 242
^ Mar/Z^wl 2006

llrJl

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PAPER MONEY * March/AprtI 2006 • Whole No. 242

TERMS AND CONOmONS
PAPER MONEY is published olher morrlh
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Paper Money

Official Bimonthly Publication of
The Society of Paper Money Collectors, Inc.

Vol. XLV, No. 2 Whole No. 242 MARCH/APRIL 2006
ISSN 0031-1 162

FRED L. REED III, Editor, P.O. Box 793941, Dallas, TX 75379
Visit the SPMC web site: www.spmc.org

— — — — In This Issue

Features

The Numismatic Legacy of Gregor MacGregor 83

By Ronald J, Benice

American Bank Note Co, Archives totals 200 tons 90

Insights and photos by Donn Pearlmann

Capers, Taradiddles, and Humbugs in Paper Money 98

By Q. David Bowers

E.G McGinnis National Bank President & Cashier 115

By Karl Sanford Kabelac

Gleanings from The International Engravers Line 119

By Gene Hessler

The “Rosetta Stone” of Sam Upham 138

By George Tremmel

About Nationals Mostly: A neat FNB of Logansport postcard ... .157
By Frank Clark

Notes from up North: For old times’ sake, $20 note classics survive .127
By Harold Don Allen

The Paper Column: Dealer Wm. P. Donlon issued scrip 133

By Peter H untoon

On This Date in Paper Money History 134, 136

By Fred Reed

Society News

Information Officers 82

SPMC Memphis 2005 Minutes 126

Nominations Open for SPMC Board 130

Paper Money’s Upcoming Publishing Program/Ad Deadlines/Ad Rates .130
Money Mart 130, 131

President's Column 131

By Benny Bolin

New Members 144

Deadline for George W. Wait Prize .154

Librarian's Report 158

By Bob Schreiner

Editor’s Notebook

158

On the cover; John Albanese shows one of the treasures from the
American Bank Note Co. archives that he purchased in December,
which also included the antique press shown on our cover. For an
inside look at other items from the trove, please turn to page 90.

March/April 2006 • Whole No. 242 • PAPER MONEY

Society of Paper Money Collectors

SOCIETY

PAPER MONEY
COLLECTORS
INC.

The Society of Paper Money
Collectors (SPMC) was organized in
1961 and Incorporated In 1964 as a
non-profit organization under the laws
of the District of Columbia. 1 1 1 s affi 1 1-
ated with the American Numismatic
Association, The annual SPMC meeting is held in June at the Memphis
fPMS {International Paper Money Show), Up-tO'dale information aboul Ihe
SPMC and its aclivities can be found on its Internet web site
www.spmc.org.

MEMBERSHIP— REGULAR and LIFE. Applicants must be at least IS years of
age and of good moral character. Members of the ANA or other recognized
numismatic societies are eligible for membership: other applicants should be
sponsored by an SPMC member or provide suitable references.

MEMBERSHIP^UNIOR, Applicants for Junior membership must be from 12
to 18 years of age and of good moral character. Their application must be

signed by a parent or guardian. Junior membership numbers will be preced-
ed by the letter ’'j,*' which will be removed upon notification to the Secretary
that the member has reached 18 years of age. Junior members are not eligi-
ble to hold office or vote.

DUES— Annual dues are $30. Members in Canada and Mexico should add $5
to cover postage: members throughout the rest of the world add $10. Life
membership — payable in installments within one year is $600, $700 for
Canada and Mexico, and $800 elsewhere. The Society has dispensed with
issuing annual membership cards, but paid up members may obtain one
from the Secretary for an SASE (self-addressed, stamped envelope).
Members who join the Soctely prior to October 1 receive the magazines
already issued in the year in which they join as available. Members who join
after October 1 will have their dues paid through December of the following
year; they also receive, as a bonus, a copy of the magazine issued in
November of the year in which they joined. Dues renewals appear in a fall
issue of Paper Money, Checks should he sent to the Society Secretary. ^

Officers

ELECTED OFFICERS:

PRESIDENT Benny Bolin, 5510 Bolin Rd., Allen, TK 75002
VICE-PRESIDENT Mark Anderson. 335 Court SI. #149,
Brooklyn. NY 11231

SECRETARY Bob Schreiner. FOB 2331, Chapel Hill, NC 27515
TREASURER Bob Moon. 104 Chipping Court, Greenwood,
SC 29649

BOARD OF GOVERNORS:

Mark Anderson. 335 Court St.. Suite 149. Brooklyn, NY 11231
Benny J. Bohn, 5510 Bolin Rd., Allen. TX 75002
Bob Cochran, P.0, Box 1085. Florissant. MO 63031
Wes Duran, P.O. Box 91, Twin Lakes, CO 81251-0091
Gene Hessler, P.O. Box 31 144. Cincinnati, OH 45231
Ronald L. Horstman, 50 10 Timber Ln.. Gerald. MO 63037
Robert J. Kravitz. P.O, Box 303, Wilton. CA 95693-0303
Tom Minerley. 3457 Galway Rd,, Ballslon Spa, NY 12020

Judith Murphy. P.O. Box 24056, Winston-Salem, NC
27114

Fred L. Reed HI. P.O. Box 79394 H Dallas, TX 75379-3941
Robert Schreiner. P.O. Box 2331. Chapel Hill. NC 27515
Jamie Yakes. P.O. Box 1203, Jackson, NJ 08527

APPOINTEES:

PUBLISHER-EDITOR Fred L, Reed III P.O, Box 793941,
Dallas. TX 75379-3941

CONTRIBUTING EDITOR Gene Hessler. P.O. Box 31144,
Cincinnati, OH 45231

ADVERTISING MANAGER Wendell A, Wolka, P.O, Box
1211, Greenwood, IN 46142
LEGAL COUNSEL Roberl J. Galiette, 3 Teal Ln., Essex,

CT 06426

LIBRARIAN Robert Schreiner, P.O. Box 2331, Chapel Hill
NC 27515-2331

MEMBERSHIP DIRECTOR Frank Clark, P.O. Box 117060.

Carrollton. TX 75011-7060
PAST PRESIDENT Ron Horstman, 5010 Timber Ln.,
Gerald, MO 63037

WISMER BOOK PROJECT COORDINATOR Bob Cochran,
P.O. Box 1085. Florissant. MO 63031
REGIONAL MEETING COORDINATOR Judith Murphy.
P.O, Box 24056, Winston-Salem, NC 27114

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PAPER MONEY • March/Apri! 2006 • Whole No. 242

The Numismatic Legacy of
Gregor MacGregor

By Ronald J. Benice

Introduction

I N 1817, THE SCOTTISH ADVENTURER GREGOR MacGREGOR
recruited a band of soldiers and sailors and proceeded to capture
Amelia Island in East Florida, In 1820, he created a fictitious country
in Central Ani erica and declared himself its leader, the Cazique of
Poyais. He left behind a fascinating legacy of numismatic items -- currency,
stock, bonds, medals and paper ephemera.

This article first presents a brief biography of Gregor
MacGregor. Next it tells the story of the Green Flag Republic
on Amelia Island and its numismatic output. This is followed
by the story of the Poyais nation and various fiscal paper that
made up one of the greatest fraudulent sdiemes of all Hme,

Gregor MacGregor

General Gregor MacGregor, a grand-nephew of Rob
Roy, was born in Glen Gyle, Scotland on December 24, 1786.

He entered the British Army in 1803 as an ensign in the 57th
Regiment of Foot, was seconded for a year as a major In the
Portuguese Sth Line Battalion, served in the Iberian Wars,
and left as a captain in 1810. In 1811 he sailed to Venezuela
and served with distinction in the Venezuelan Army of
Liberation under Simon Bolivar, who promoted him to the
rank of general. In 1812 Gregor married the daughter of
Bolivar's sister.

MacGregor's next adventure was a campaign to free
East Florida and West Florida from Spanish control. In 1816,
he went to Baltimore and Philadelphia to get financial sup-
port and obtained a commission from representatives of
Mexico, Rio de la Plata, Nueva Granada, and Venezuela to first
capture Amelia Island and then the rest of the Floridas.
Proceeding south, he obtained significant additional funds in Savannah and
recruited soldiers and sailors in Charleston and Savannah for $10 a month.
Then on June 29, 1817, with a force of only 73 men, he captured Amelia
Island from a surprised Spanish military detachment. The flag of the newly
proclaimed "Green Cross Republic" was hoisted over the fort.

The new nation had a short life. The United States wouldn't buy
Amelia Island from MacGregor. His backers in Georgia stopped sending
reinforcements, money, and provisions. His troops began deserting. On
December 23, 1817, the invaders surrendered to the American Navy and
Amelia Island was returned to Spanish control.

In December, 1818, he sailed from England as part of a force attempt-
ing to liberate Panama, After initial victories, the invaders were repulsed
and MacGregor narrowly escaped by ship leaving his troops behind to be
slaughtered or captured.

In 1820, Gregor MacGregor was now ready for his greatest venture.

Flag of the Green Cross Republic

P-iS

s> .y f

Gregor MacGregor. Engraving by
William Home Uzars. (Photo cour-
tesy Florida State Archives)

March/April 2006 • Whole No. 242 • PAPER MONEY

He obtained a land grant for eight million acres of jungle in Honduras and
igua, created a fictitious country that he called Poyais, and
id himself its leader, or Cazique* As the Cazique of Poyais, he
trated one of the most extraordinary frauds of all time* Despite
ding time in prisons in England and France, he operated various
'a is schemes for 17 years*

T 1839, he returned to Venezuela where the government restored

his rank of General and granted him a generous pension* He died
there on December 4, 1845, and was buried in Caracas Cathedral,
k His name is inscribed on the city's memorial to the leaders of

the fight for independence.

The Green Cross Republic
Amelia Island is located off the nortlieast coast of Florida (above
left), just below the Georgia border. Its only town in 1817 was
Fernandina, iiow called Fernandina Beach* Amelia Island was
named by General James Ogel thorp e of the Georgia Colony in 1734
to honor Princess Amelia, second daughter of King George II of
England.

As mentioned above, Gregor MacGregor recruited a band of soldiers
and sailors, and in 1817 captured Amelia Island in East Florida. (There
were two Florid as back then - East and West.) He declared it free and inde-
pendent, variously referring to it as the Green Cross Republic or the
Republic of the F lor Idas.

MacGregor quickly established a government, created an Admiralty
Court to collect 16^^^% duties on goods brought ashore by privateers and
rates, opened a post office, started a newspaper, and issued currency* He
ed unsuccessfully to sell Florida to the United States. In September, he
jld the lands for $50,000 to Luis Aury, a pirate operating under the
Mexican flag* U.S* President James Monroe decided that these events
were not helping American negotiations to buy Florida from Spain, so

he ordered troops to the area. On December 23, 1817, Luis Aury surren-

B dered. The American troops returned Amelia Island to Spanish con-
I trol* And the Green Cross Republic's brief existence was over.

I During the brief life of the Green Cross Republic, Gregor

■ MacGregor issued scrip, of which only one piece is known to have sur-
i vived* Upon his return to England later in 1817, he had medals struck
to commemorate the event. These medals were awarded over the next
few years to his officers and supporters, whom he designated Knights of
the Green Cross.

The Currency

The sole surviving specimen of MacGregor's Amelia Island currency
is the earliest dated, issued piece of Florida currency. The note (107 x 74
mm) is hand signed by Gregor MacGregor and by his Secretary, Joseph de

Princess Amelia. (Photo courtesy
the Royal Collection, Her Majesty
Queen Elizabeth II)

Yribarren. It was printed on Amelia Island using a printing press that
MacGregor brought in to publish the newspaper, El Telegrcifo de las Eloridas,

and other government forms. Notice the numbers "7 & 1" after the August
19, 1817, date. They signify the 7th year of Venezuelan independence and
the 1st year of Florida's independence. The back of the note is blank.

No records have survived to indicate which denominations or how
many notes were issued. However, based on the known 6 1 /4c note and a
$1 sketch in Colombia, it seems reasonable to assume that 12 \j2<t and 25ft
notes were also issued in 1817.

Several writers have alleged the existence of a second surviving speci-
men, a $1 note which has never been photographed or listed in any price
list or auction catalog. Each report has been tracked to its origin* The speci-
men reported to be in the National Arcliives of Colombia is a contempora-

PAPER MONEY • March/April 2006 • Whole No. 242

FABTEH CBNTa

THIS BM- OF THE VALUE OF

SH AND ONE tfi Q^UAETER CENTS

Win ba TecGiTad in payment of Dntks, at the
Cuetom Qfiuae.

Feroandina, August l% l@17j 7 & 1. ,

neous hand-drawn sketch of a $1 note of the same
design as the 6 1 / 4c note shown at right. The speci-
men reported to be in the Pan American Union in
Mexico City is a photocopy of the Colombia facsimile.

The .specimen in the National Archives of Scotland is
a $1 note on the Bank of Poyais, printed by
MacGregor in 1822 for his colony on the coast of
Honduras described later in this article.

The Medal

Obverse Legend: DUCE MAC GREGORIO LIB-
ERTAS FLORIDARUM = Under the leadership of
MacGregor liberty for the Floridas. Reverse Legend:

AMALIA VENI VIDI VICI 29 JUNIl 1817 = Amelia. I
came, I saw, I conquered, June 29, 1817.

The medals are 33mni in diameter and struck in bronze. There is no
indication on the medals or in any known documents when and where they
were struck. There is a contemporaneous account of MacGregor working
on the design of the medal in Nassau in November, 1817. The predominant
opinion is that the dies were engraved by William Home Lazars c/lSlS and
the medals struck at a private mint in England or Scotland. Lazars
engraved the portrait of MacGregor reproduced in this article as well as
MacGregor's currency issue for dae Poyais colony in 1822. Records show
MacGregor awarding the Order of the Green Cross as early as 1819. It
seems reasonable to conclude that the Florida medals were struck before he
started advertising land for sale in Poyais in 1821.

Carling Gresham's 1992 monograph accounted for 1 1 specimens of the
Amelia Island medal, of which 4 were in museums and 3 had been sold to
unknown buyers. Since then, 3 specimens have appeared which are proba-
bly new to the census, but may include reappearances of previously count-
ed pieces. The best estimate is that 12 to 14 specimens exist Population
estimates in Rulau's United States Tokens and in auction catalogs of Stack's,
R.M. Smythe and Bowers and Merena are based on Gresham's census.

Poyais

A portion of Central America had been under the control of a fero-
cious tribe of Indians, called the Mosquitos, before the Spanish explorers
arrived. The Mosquito Indians aligned with the British in 1655. The
Governors of Jamaica chose a succession of "kings" for the "Mosquito

The sole surviving specimen of
MacGregor's Amelia Island currency.
Actual size, 107 x 74 mm.

MacGregor's Amelia Island medal (
obverse and reverse)

Nation" from 1687 to 1860.

On April 29, 1820, King George Frederick II of the Mosquito Shore and
Nation, persuaded by money and whiskey, granted eight million acres of
land to "Sir" Gregor MacGregor. At various times he claimed to have been
knighted by King George IV of Great Britain and the King of Spain, but no
records support this claim. The name "Poyais" appeared on maps of
Central America as early as 1775 in a vaguely defined mountainous region
of Honduras. Although MacGregor's land grant explicitly did not give him
sovereignty, MacGregor declared his territory to be a country called Poyais.
And he declared himself the "Cazique," using the local Indian word for
chief.

Government offices of Poyais were opened in London, Glasgow, and
Edinburgh in 1821. Advertisements described abundant gold, diamonds
and pearls. They told of beautiful buildings, including cathedrals and an
opera house. They told of a healthy climate and fertile farmland.

And none of it was true.

But investors bought land in Poyais. And they bought bonds issued
by Poyais. Some even moved to Poyais, trading in their British pounds for
Poyais currency before sailing. And it was all worthless.

March/April 2006 • Whole No. 242 • PAPER MONEY

The location of
Poyais in relation
to Honduras and
Nicaragua is outlined
on a section detail of
Johnson and Ward’s
1864 map of Central
America, Note the
names “Poyas Indians'
and “Poyas River
in the northern
section at

The 240 colonists who arrived in February
and March of 1823 found no buildings or riches
just a jungle with hostile Indians who had no
interest in accepting Poyais banknotes. Many
colonists died of fever or starvation or drowned
tiying to get to safety in Belize. Accounts by sur-
vivors of the inhospitable nature of the imaginary
country were published in Europe, but tliese were
offset by planted articles extolling the virtues of
Poyais* More bonds were sold. They quickly
defaulted and became worthless.

Bonds

The first bonds offered for Poyais, on
October 23, 1822, were £200,000 of £100 bonds
paying 6% interest. These bonds were sold on an
installment plan. Deposits were taken, but the
is.sue was cancelled before tire last two 1823 pay-
ments were due.

On September 15, 1823, Gregor MacGregor,
as "'Gregor The First, Sovereign Prince of the
Independent State of Poyais and its Dependencies,
Cazique of the Foyer Nation &:c./" authorized, and
then in October, 1823, sold, £200,000 worth of
£100 bonds through the prestigious firm of Perring and Company in
London. The bonds paid interest at 5% per annum. The first two inter
est coupons in November 1823 and May 1824 were paid to encourage
the purchase of additional bonds. In fact £300,000 worth of these
bonds were ultimately sold despite the £200,000 amount advertised
and printed on the bonds. Needless to say, the revenues of Poyais and
the import duties backing the bonds were non-existent. The bonds
defaulted and became worthless in 1824.

An example of these 1823 bonds with all but those first two interest
coupons attached is illustrated opposite. It is estimated that fewer than
50 bonds have survived.

After the fraud was discovered, Gregor MacGregor was briefly
imprisoned in London. In 1824, MacGregor fled to Paris. In 1825, he
opened an office of the Poyaisian Government and issued a prospectus
to sell £300,000 of bonds in France. He was arrested for fraud and
imprisoned in 1825 before he could sell any bonds. He was convicted,
but was acquitted on appeal in 1826. He returned to London, converted
to the Spanish spelling "Cacique" and in 1827 succeeded in selling most
of an £800,000 "stock" bond issue to gullible investors and speculators.
These were his last bond sales. More bonds were sold in 1831 by unaffilL
ated promoters. Undeterred, MacGregor continued selling land in
Poyais until 1837. To this day, tlie Poyais bonds remain tlie only bonds
for a fictitious country ever traded on the London Stock Exchange.

Stock

In 1827, shortly after being released from a French prison (he had
been convicted of fraud, but acquitted on appeal), Gregor MacGregor
issued £800,000 worth of Poyaisian Three Percent Consolidated Stock.
Although the issue was labeled "stock," it had the characteristics of a
bond, or at best what would be called "preferred stock" today. The stock
was convertible into land in Poyais and the first six coupons were
redeemable for land warrants. The specimen also illustrated opposite,
hand-signed by Gregor MacGregor, was for £250 and the first seven
coupons were apparently redeemed for land or cash.

PAPER MONEY • March/Apnf 2006 • Whole No. 242

Currency

Illustrated on the next page is a $1 note on the
Bank of Poyais. This is one of 70^000 such ban-
knotes printed by MacGregor in 1822. No other
denominations were printed. The notes were
engraved in Edinburgh by William Home Lizars,
who also engraved notes for the Bank of Scotland
and engraved the portrait of MacGregor illustrated
earlier* The note is payable at the bank office in St.
Joseph, Poyais. There was no such bank or office.
St Joseph was MacGregor's name for the site of
Black River, a British settlement founded in 1730
and abandoned in 1787* The note is watermarked
"Bank of Poyais*" The back of the note is blank.
Only 5 or 6 specimens of Poyais currency are
known to have survived.

Land Grants

The Land Grant for 100 acres illustrated fol-
lowing was issued in April, 1834, long after the dis-
astrous colonization scheme and MacGregor's
imprisonment for fraud. There are several notable
aspects to this certificate. It is hand signed by
Gregor MacGregor, He has changed to the Spanish
spelling of his title, Cacique of Poyais. The certifi-
cate was traded in Holland as evidenced by the
three Dutch revenue stamps below the national
emblem at the top. The embossed seal at the bot-
tom to the left of MacGregor's signature has a plow
in the center surrounded by the words "Poyaisian
Land Grant." Tliis issue of land grants was created
to be exchanged for Poyais bonds*

When MacGregor started selling land in 1821,
the price was one shilling per acre. In 1822 he
raised the price to 2s3d and in 1823 to 5s which
remained the price for the duration of the venture.
It is uncertain how much land was actually sold
since the folio records have not survived (if they
ever existed) and later-dated bonds have lower folio
record numbers* If one assumes that no serial num-
bers were skipped in any letter or date series, then
more than four million acres were sold for over
£ 1 , 000 , 000 .

It is estimated that about 100 land grant cer-
tificates have survived from the six different
MacGregor issues dated between 1821 and 1834.
The lowest denomination known is 20 acres; the
liighest 1000 acres*

A Mosquito Indian Poyaisian
Land Debenture

An issue of post-MacGregor land giants had
its origins in the Belizean mahogany trade. As the
supply of mahogany trees in Belize declined in the
lS20s, the tree cutters and traders expanded, with
permission, into Guatemala. By the mid“1830s, they
were ready to cut trees in Honduras and Nicaragua.
So they persuaded the new king to regrant all the
previous Poyais land certificates they had bought
for practically nothing. When other traders
approached the king, he issued more land grants*

Above: 1623
Poyais 5% bond.

The coupons had a
different serial
number from the
bond for “security'’ ;
reasons. Right:
Poyaisian three
Percent

Consolidated Stock
Certificate

March/April 2006 • Whole No. 242 • PAPER MONEY

$1 Poyais bank note

1834 Land Grant for 100 acres

fjfairit irt

erinE «r ivt an

V/ffJtMfi Of

I own a fraudulent land doc-
ument for 1000 acres in Poyais
issued after the MacGregor era,
signed on May 12, 1853.. It is quite
different from the Poyaisian Land
Grant previously illustrated.
Poyais has a new seal depicting
friendship between Britannia and
the Mosquito Indians of Poyais.
The seal also includes a reference
to the newly-crowned Queen
Victoria. This time the land is
granted by a new King of the
Mosquito Nation, Robert Charles
Frederick. Its self-proclaimed
value is 3000 acres equals £1000. Its real value was zero.

These land grants experienced two rounds of rapid price increases and
sharp declines as stories spread of an international commission in Nicaragua
and Honduras investigating bond and land claims and subsequently when
rumors were spread that the Dutch were buying.

Epilogue

Although Gregor MacGregor stopped selling bonds in 1827, London
financiers who had bought up the worthless securities and deeds cheaply oper-
ated a Poyaisian sales office in London for several years. Even MacGregor's
retirement to Venezuela in 1839 and death in 1845 did not mean the end of
Poyais land and bonds. Land sales resumed in 1853 after a 16-year hiatus.
Prices rose from 6d for 1000 acres to £2 as rumors of mineral finds and new
developments were spread. In 1868 a group calling themselves the Central
American Association sold more land. The bonds had remained worthless and
dormant for over 20 years before resuming trading in Amsterdam and London
in the lS60s. And then they became worthless again.

The Mosquito Indians still live m parts of Nicaragua.
They no longer have a king, but they do have a cacique.

The legendary Indian cliiefs, the Caciques of Central and
South America are still part of the folklore in Venezuela,
MacGregor's final resting place. Indeed, the name is preserved
as a brand of rum. Gregor would have Eked tlnat.

References

''A Few Minutes with the Cacique of Poyais," Bankers Magazine.
London (October, 1863).

Arends, Tulio. La Reptibfica de las Floridas 1817-1818. Caracas
(1986).

Bushnell, David. La Rcpublica de las Floridas. Mexico City (1986).
Chancellor, Edward. Devil Take the Hindmost, i? History of Financial
Speculation. New York (1999).

Davis, T. Frederick. MacGregor's Invasion of Florida, 1817.
Jacksonville (1928).

Gregg, Richard T. Gregor MacGregor, Caziqne of Poyais. London
(1999).

Gresham, Carling. General Gregor MacGregor and the 1817 Amelia
Island Medai Pomona Park, FL (1992).

Neumann, Josef. Beschreibung der Bekanntesten Knpfermiinzen.
Prague (1858).

"Poyaisian Land Grant," Friends of Financial History. New York
(April, 1982).

Rafter, Michael. Memoirs of Gregor M' Gregor. London (1820).
Sinclair, David. Sir Gregor MacGregor and the Land that Never Was.
London (2003)

Yeates, F. Willson. "MacGregor's Florida Medal," journal of the
Royal Numismatic Society. London (1916). *t*

PAPER MONEY • M.irclVAptil 2006 • VVlinIc No. 242

Nobody does paper
money better than

y best reproduction
best audience
y best rates . . .

and now FULL coior, too!

Discover . . .

notofaold

March/Aprit 2006 • Whole No. 242 • PAPER MONEY

American
Bank
Note Co.
Archive
totals
200 tons
&

estimated

300,000

steel

plates

roller dies

Insights and photos by Donn Pearlman

I N EARLY DECEMBER DEALER JOHN ALBANESE, OF ARCHIVAL
Collectibles LLC of Far Hills, NJ, announced that he purchased the exten-
sive archives of the American Bank Note Company for an undisclosed
price earlier.

The ABNCo materials included items it had acquired over the years and
are believed to total 300,000 intricately engraved steel plates, vignettes, and
rollers used for producing bank notes, postage stamps, stock certificates, bonds
and other documents. Catalogers
are currently inventorying the cache
in a New Jersey warehouse.

The announcement was elec-
tric. It made front page news in the
numismatic trade press, which also
published several photos of items in
the cache. However, we wanted
Pnpcr Moiuy readers to have more
than a cursory peek at the treasures.

Through special arrangements,

Donn Pearlman provided Paper
MoJiei/ readers this exclusive photo-
graphic glimpse into this treasure
trove of 19th and 20th century
numismatic, philatelic, financial and
cultural history.

Items date back to the 182Ds
and perhaps earlier, according to
Albanese, who said he wants "to
preserve, exhibit and eventually
offer to collectors many of the one-of-a-kind artistic pieces of history" in the
ABNCo archive.

Albanese bought the archives in August, 2004, and over the next eight
months moved the 20f) tons of engraving items from a warehouse near
Nashville, TN to New Jersey where they are currently located.

"The magnitude of the archives is astounding. There are just so many
printing plates, maybe as many as 300,000, that we've probably inventoried
only 20 percent ot the items so far," Albanese said in December.

"Many of them are engraved with incredibly beautiful vignettes with

i t

nib

I^.l ■ . '

PAPER MONEY • March/ApriJ 2006 * Whole No. 242

MEMPHIS 2006

30 Years and Still Smokin’

Ff. 327 50 1880 Silver Certificate
FINEST KNOWN

It has been 30 years since the incMtion of the International Paper Money Show
sponsored by the Memphis Coin Club and run by Mike Crabb & Bob RaPy, To
say that their concMt has been a success would be a huge understatement and to
say it’s STILL SMO^’ has nothing to do with the fmeMemphis Barbeque. We
have been given the opportunity to provide the auction for this highly prestigious
event and we invite you to be a part of it as a consignor to this exciting 30th
“Pearl” anniversary sale. Space will be at a premium for the event and the quality
of consignments will no doubt cover the gambit of currency collecting. A
segment of this sale will be devoted to World Bank Notes during this live event.
So let us know now what fits in as we are eagerly taking quality notes in Colonial
- Obsolete - Confederate - Fractional - World - mtionals - Large & Small Type
Federal Notes - Errors - Stocks & Bonds - Vignette Books - Postal Notes - and
Panic Scrip. This is the best place to sell your rare bank notes as the market is
fantastic and if should be a history making event!

CALL TODAY TO CONSIGN

800 ^ 243*^5211

Cun*enqr Auctions

P.O. Box 7364 ^ Overland Park, KS 66207 - 800-243-5211 - 913-338-3779 - Fax 913-338-4754
Email: lyn@lynknight.com - support@Iynknightxom
Whether youVe buying or selling, visit our website: wwwJynknightcom

scenes of daily life, ramoiis people or allegorical representations-
This is art in its original form by some of America's most skilled
and famous engravers/' he added.

Steve Blum, a New York area professional numismatist and
President of Archival Collectibles, has been examining and invento-
rying since September. Thus far plates for various denominations
from 25-ccnts to $500 from scores of different banks have been dis-
covered in the archives.

'These printing plates helped fuel the Industrial Revolution.
They printed the stock certificates and bonds that raised cash for
companies in the 1800s/' said Blum.

Most of the plates were created more than a century ago dur-

PAPER MONEY • March/April 2006 • Whole No. 242

Kagin’s Presents Colonial Currency

Throughout the 17th and 18th centuries, the pre-federal coloniai economy depended largely on foreign coins^
barter, and commodity money. Due to the lack of circulating specie, the Massachusetts Bay Colony issued
the first Colonial currency in 1690* Other colonies soon began to issue their own paper currency. Usualfy
denominated in Spanish Milfed DoMars, Colonial notes were aiso denominated in British shillings, pounds,
and pence* In 1764, the British declared Colonial currency illegal.

Beginning in 1775, the Continental Congress issued currency to finance the Revolutionary War* These notes,
called Continentals, had no backing in gold or silver*

Continentals were backed by the "anticipation" of fax revenues. Easily counterfeited and without solid back-
ing, the notes quickly became devalued, giving rise to the phrase "not worth a Continental." This brief period
marked the first time that U*S. currency's value was derived solely from its purchasing power, as it is today.
Representing a historically important time in our countries history, Kagin’s presents our fledgling nation's
first currency! Kagin’s: A Numismatic Tradition since 1933

Continental Currency 1/6 Dollar, Fr. CC-19,
Feb. 17. 1776. Very Fine Fugio nole, Plate B.
Back shows 13 inierconnecEing circles containing
I he names of the 13 colonies. Designed by
founding father Benjamin Franklin, this same
design was used on [he back of Ihe Fugio cent,
and continental dollar. Small pinhole is only visi-
ble when held to the light. S285

Continental Currency 1/6 Dollar. Fr. CC-19,
Feb. 17, 1776 Choice CU Fugio theme designed
by Benjamin Franklin. PJate C, Great denomina-
tion. Nice margins. Full meaning of the motto is "I
(referring to the sun or time) fly, therefore Mind
Your Business.' Usual light sen a I number and sig-
natures. Hinge remnant on top/boltom of face.
Back is fully Choice CU with wide margins. $910
Continental Currency 2/3 Dollar^ Fr. CC-22,
Feb. 17, 1776 XF/AU Red and Black. All seeing
eye shining on 13 stars. Nice signatures, four futl
margins. Only one centerfold and a couple of cor-
ner folds. Foxing starting at one comer, $350
Continental Currency $5 Dollar, Fr. CC-79.
Sept. 26, 1778 AU Bleeding hand gathering
food. Light impression. Note looks Choice CU
except has faint vertical fold. Nice margins. $450
Continental Currency $4 Dollar, Fr. CC-SO,
Jan. 26. 1778 Extremely Fine Boar charging into
3 spear Red and black printing. Two dark, clear
signatures. Nice margins-problem free. Original.
Different denomination from most. S350

Continental Currency 545 Dollar, Fr. CC-96,
Jan. 14. 1779 Choice CU Red and Black. Bee-
hive protected by a hut. Impressive signatures.
Narrow, but full margins all around. $600
Continental Currency $50 Dollar, Fr. CC-97.
Jan 17, 1779 Very Fine Stepped pyramid with 13
levels in red and black. Paper retains much crisp-
ness. Clean note, clear signatures & number.
Attractive, no harsh creases. Four margins. $2B5
Continental Currency. $55 Dollar, Fr. CC-98.
January 14. 1779 Exiremely Fine Printed on
watermarked sheet with CONFEDERATION, A
wonderfully odd (and curious) denominalron.
Almost four full margins, Two bright signatures
(William Stretch and John Leacock). Vignette of
'After dark clouds comes the Sun.‘ Willow leaf on
back. $300

Connecticut, 5 Shillings, Fr*CT-145, May 12,
1763 PM GAUSS This note is an exceptional rar-
ity in an exceptional grade. With little or no sign
of circulation except for slight "mishandling" in the
form of a spuriously added serial number, this
note represents a strong candidate for Condition
Census. Cataloging at $1600 in Good condition,
this note may represent a once in a lifetime
opportunity! Ex F.C.C. Boyd, John J. Ford, Jr.
Newman Plate Note. $9,500

Dataware 4 Sbitlmgs, Fr. DE-76, Jan. 1. 1776
PMG Very Choice CU64 Strong printing, full
strength, dear signatures and serial number
Tight back margins otherwise the quaJily of the
note is easily a gem. To counterfeit is death' and
sheaf of wheat is bold, on back rounding: off this
nearly perfect note. $700

Delaware 4 Shillings, Fr. DE-76, Jan. 1, 1776
PCGS Superb Gem 67 Grade says it all - fult
margins, excellent sigrta lures, and face filled of
mica, A fantastic exam pie. $1 500

Delaware 5 Shiflmgs, Fr. DE-77, January 1,
1776, PCGS Superb Gem 67 PPQ Extremely
attractive. Sharp printing. Better seat than most. 4
large margins, fantastic eye appeal $1500

Delaware 5 Shillings, Fr. DE-77, January 1.
1776 Choice CU Very aiiracUve. Sharp printing.
Better seal than most. 4 even but narrow margins
forcing us Eo call the note choice cu. Everyihing
else on the other hand including paper, printing
quality and overall eye appeal are of gem quali-
ty... $600

Delaware 10 Shillings, Fr. DE-79, January 1.
1776 PMG CU63 Very atlracUve looking note bui
margins are a bit tight for gem. Sheaf of wheal
vignette on back. 5500

www.kagins.com

98 Main Street, #201
Tiburon, CA 94920
888-8-KAGINS or
FAX 415-435-1625

Delaware 20 Shillings, Fr. DE-80, January 1,
1776 PMG CU62 A really beautiful note with
Strong printing, serial nurnber and signatures.
Tremendous amounts of eye appeal but small
margins. Paper is thick and textured: blue threads
visible and state seal is clearer than on most of
these Delaware notes. S500

Georgia 5 Shillings, Fr* GA-40i 1762. Fine A
striking vignette of a native Indian dominates the
face. The note has been quartered and the blank
verso is fully backed by an additional piece of
paper. The note looks Very Fine when viewed.
The typeset text is simple and to the point, with
the spelling indicative of the period. The text
reads as follows: ’This indented Bill of Credit, due
from his Majesty's Province of Georgia. fhalJ pafs
current in all Payments to the Pubtick Treaty rer.
and all others, for five shillings Sterling, according
to Law. 1762" EXTREMELY RARE. 54000

Georgia 1 Found, Fr. GA-45, 1766 Very Fine+
Incredible embossing and colorifl This is the rare
savannah court-house note. $5900

Georgia 20 ShMngs* Fr. GA-4a, 1773 Fine
Extremely Rare and in amazing condition and is
valued far above any other Georgia note in New-
man's book. Most notes offered are fully backed
but this one stands on its own. Complete futl bor-
ders with a wide left border for an indent note.
This series was issued to redeem all prior issues
and any decayed or destroyed bills. Printed from
type in red and black and was invalidated after
1776. Signers: Noble Wemerly Jones, member of
the assembly (1755-1752) Speaker (176&-9)
member of Ihe Continental Congress, Dr. Noble
Jones, his father, Provincial Counselor and Trea-
surer; Joseph Clay .Samuel Farley, James E.
Powell, Thomas Shruder, William Young
$3650

Georgia 1 Shilling. Fr* GA-63t 1776, Extreme-
ly Fine Pristine example of the billiard ball note
Original, no restoration. Signed by N, Wade and
Andrew Welts. $1300

Georgia 1 Pound, Fr* GA-6S, 1776 VF
restored- Red and black, it appears to be XF. but
close scrutiny reveals restoration along the top. 5
signers R. Wylly, W. O'Bryen, N. Wade, George
Houston, James Habersham. S2400

March/April 2006 • Whole No. 242 • PAPER MONEY

ing the period in which American Bank Note was the
nation's foremost private printer of paper money. About
5,000 banks and other issuers including railroads, cotton
mills, m y nid pal i ties, restaurants and saloons issued their
currency and scrip in denominations from three-cents to
$ 1 , 000 . '

Ainong the discoveries so far are an engraved plate
used for printing Hawaiian Islands Certificate of Deposit
$10 notes "'payable in silver coin on demand" in the lS90s.
Researchers have also located an 1850s era four-up plate
for printing $1, $2 and $3 notes for the Peninsular Bank of
Detroit,

Now located near Philadelphia in Trevose, PA
American Bank Note was formed in 1858 by a consolida-
tion of seven leading bank note
engravers and printers. Over the
years, the firm acquired other com-
panies and their archives, according
to Paper Mcviey columnist Q, David
Bovvers, who is writing a reference
book on 19th century U.S. paper
money with ABNCo as a focus.

"American Bank Note was the
dominant force in creating designs
and printing paper money from the
second half of the 19th century to the
early 20th century. The printing
plates and transfer rollers in these
archives were used for creating Gold
Rush -era bank notes, postage stamps
and thousands of stock certificates,
tickets and engraved invitations,"
said Bowers,

"Many of these printing plates
have wonderfully ornate engravings
of presidents, goddesses and
American scenes. After being used,
they were wrapped in paper printed

PAPER MONEY • Mnrch/ April 2006 • Whole No. 242

BOB’S COM & CUBBENCY

P.O. Box 6099 • Chesterfield, MO 63006
Phone: (314) 878-3564 • E-mail: robsfractional@gmail.com

/ have a passion for
high quality, properly
graded, unique
and rare Fractional
Currency! I have
many pieces of
currency in stock,
so let me know what
your interests are. I
am also a big buyer
of U.S. Currency
Please give me a cail!
314 - 878 - 3564 .

Thanks, Rob

LIFE MEMBER

[ANA

LIFE MEMBER

Terms & Conditions

Now accepting MasterCard and VISA. Missouri
buyers include sales tax. Personal checks,
from parties unknown, must clear before we
ship. 10-day return privilege prevails on all
notes. Send want list We also buy currency.
Thank you for your business.

March/April 2006 • Whole No. 242 • PAPER MONEY

with the particular engraving on the plate or
marked with crayon notations on the paper, and
then essentially untouched/' he added.

Blum (shown at left) reported otiier items dis-
covered thus far include plates and heavy steel
rollers used for printing paper money from three
dozen U,S. states and territories; bank notes and
postage stamps for a dozen foreign countries; thou-
sands of stock certificates, bonds and interest bear-
ing coupons for municipalities, railroads and nearly
every major corporation from the ISODs to the 1960s
including the Walt Disney Company.

Plates for printing paper ephemera were also
cataloged, including those used to print admission
tickets to the Republican party's national conven-
tions in 1888, 1892 and 1928, the Democrat's nation-
al convention in 1896, the 1893 World's Coiumbian
Exposition in Chicago, and invitations to the
August 5, 1884, dedication of the Statue of Liberty's
pedestal

The archives also include an antique, six-foot
tall, hand-operated printing press which is shown
on the cover of this issue.

"The tremendous importance of the countiy's
railroad system in the 19th century can be seen
through the hundreds of different plates used to
make stock and bond certificates and passenger
tickets for the railroads. Some engravings of loco-
motives and railroad cars are incredibly detailed,"
said Blum, shown at left holding a roller die.

"In addition to creating a reference book
about the material we plan to exhibit some of the
printing plates at collectors' shows around the
country, and we'll donate some to various muse-
ums. Eventually, most of the archives will be
offered for sale to collectors." *t*

PAPER MONEY • March/April 2006 • Whole No, 242

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March/April 2006 • Whole No* 242 • PAPER MONEY

Capers, Taradiddles, and Downright

Frauds

Humbugs in Paper Money

By Q. David Bowers

What It Seems to Be vs. What It Really Is
With Apologies to P.T. Barnum

HE PUBLIC LOVES TO BE HUMBUGGED," P.T, BARNUM ONCE SAID, HIS AMERICAN
Museum in New York City had a sign pointing to a seeming attraction, the Egress, However,
it was but an exit door, and those following the directions found themselves out on tlie street,
having to pay another admission to regain entrance. Or, that's how the story goes.

At Horn's Cars & Music of Yesterday museum, a prime attraction in Florida before the days of Walt
Disney World, patrons could look through a peephole to see, it seemed, a wondrous sea creature, the "Man
Eating Clam." However, what was revealed was a gentleman at a table, fork in hand, extracting an edible mol-
lusk from its shell* It was a man eating (a) dam, and the public loved it!

In the field of paper money today we can enjoy all sorts of humbugs or taradiddles, as Edgar Allan Poe
called deceptions. They serve to amaze and amuse and are harmless enough* However, in their day these
were any tiling but light hearted.

This article treats humbugs among the bills of state^chartered and related banks. I could just as easily
write, "Paper Money as Weapons," and tell about Northerners counterfeiting Confederate bills, or the British
turning out fake examples of Continental Currency, or the Russians in the 20th century printing their own ver-
sions of Uncle Sam's $100 bills. However, state-bank bills are the focus, and they certainly are among the most
interesting*

As with most humbugs, it took two to play back then: the perpetrator of tlie fraud and the gullible citi-
zen, who thought he was gaining an advantage, sometimes an early-day version of the green-goods game
(whereby a mark or pigeon, as they were called, bought a sealed bundle of counterfeit federal notes at a deep
discount, after being shown a few real notes as "samples").

As will be seen, the foibles and weaknesses of human nature made the scenario possible.

Reality Check!

Today, many fake bills survive in collections* They are variously known as alterations, spurious notes,
and counterfeits. In time, many genuine notes were redeemed and destroyed. However, fakes were not want-
ed by anyone — and tended to survive in larger proportions.

Bankers and merchants should, of course, observe the Golden Rule* However, many if not most did not.
If a counterfeit bill came to hand, it was often the first to be paid out!

As you may know, the Suffolk Bank system, as it was called, began operation in the 1820s in Boston. By
1858, many of its members became dissatisfied with its operations, and later clearing-house business was
largely done in the same city by the Bank of Mutual Redemption. Members, which included just about every
bank within a couple hundred or so miles, would put up a cash deposit. When bills were sent in by member
banks, they would be redeemed at par, instead of the usual discount, working against the deposits on hand.
The bills would then be returned to the issuing bank.

The Suffolk Bank, a Boston redemption center for regional banks, did not like this $5 note of the Casco
Bank, Portland, Maine, and stamped it COUNTERFEIT.

If a bank sent a bunch of bills to tire Bank of Mutual Redemption, and the eagle-eyed clerks found a
counterfeit, they would stamp it COUNTERFEIT, or WORTHLESS in black ink, and charge the account of the
bank that sent it in. Henry P. Shed was cashier of the Boston bank and did most of the correspondence with
member banks in the hinterlands.

PAPER MONEY • March/Apri[ 2006 • Whole No. 242

Stephen Beede, cashier of the Carroll County Bank in Sand wich, New Hampsliire, did not like the proce-
dure, and asked the Boston bank to simply send back any counterfeits without stamping them. You can imag-
ine what Beede did with them! (More on this and other New Hampshire banks when Dave Sundman and I
trim our research from thousands of pages down to manageable size and publish our book on the subject!)

Stephen Beede, who signed this 1S55 $1 note as cashier of the Carroll County Bank, did not like counter-
feits. When they came to hand, he passed them along as quickly as possible. This seems to have been standard
practice with many if not most state-chartered banks. This is why most counterfeits, alterations, and the like
are usually seen in well-w^orn condition!

Okay, if bankers and merchants sometimes winked when a fake note came to hand, certainly the highly
esteemed bank-note printing companies were sterling in their conduct. Or were diey? They protested too
much about their systems of checking the integrity of those who ordered bills, but in practice it seems that they
printed currency for just about anyone who asked. How else did 90% of the failed banks in Michigan in the
late 1830s get so much paper money from the leading firms in New York and Philadelphia? Most of these
banks had little or no backing (of wliich more will be said). Obviously, there was little investigation.

As to human nature, perhaps one of the most poignant observatio is that after many banks failed com-
pletely, their currency still traded at 1% to 2% of face value, and a lively business was done in such by
exchange brokers in New York City and elsewhere. No, they were not selling to numismatists! They were
selling to citizens who hoped to take them on trips and spend the bills with unsuspecting merchants at distant
locations.

Counterfeits and Their Companions

Aspects of Collecting

Scoundrels are nasty, of course, but in hindsight they can be interesting, even romantic. How else can we
explain the public fascination with Billy the Kid, pirates, and even Robin Hood?

Today, the surviving counterfeit, altered, and spurious bills are highly appreciated by numismatists.
Often, sudi notes sell for a lot of money. Just check any offering of obsolete paper money by the leading auc-
tioneer of your choice. Or check James A. Haxby's princely four-volume 1988 study, Stamimd Catalog of Ibnted
States Obsolete Bank Notes 1782-1866.

100

March/Apri! 2006 * Whole No. 242 • PAPER MONEY

This collecting mlerest is by no means unusual within numismatics. In the field of colonial and early
American coins^ contemporary (key word) counterfeits, such as those made by Machine's Mills, can be very
expensive— selling for thousands of dollars. Of course, some are common and sell for much less.

In 1857, America's largest bank-note engraving firm, Rawdon, Wright Hatch & Edson, New York City,
created this elegant and impressive $10 note for the New England Bank of Fairmount Maine. There was a lit-
tle problem, however: No such bank ever existed! Today such spurious bills are among the most beautiful of
tire era and are eagerly collected.

At the outset it is important to state that contemporary is the important aspect. A spurious bill made for
the non-existent New England Bairk of Fairmount, Maine in the 1850s is eagerly sought and highly collectible.
Like wolves in sheeps' clothing, such notes mingled among genuine currency of tire era. On the other hand,
modern copies of old notes — the sort of things that continually plague bidders in Internet auctions — are
worthless. My favorites among older, contemporaiy bills are spurious issues. General definitions are appro-
priate here:

Counterfeit: A bill made in imitation of a real one, in the era that such real bills circulated, copying tl-\e
design, denomination, and other features by means of a false plate, or by skilful drawing, or photography
{perceived in the late lS50s as a great threat), or some other means.

Alteration: A genuine bill tliat has been altered in some way, such as by effacing or covering over the
original denomination, such as $1, and replacing it with a higher one, such as $10. In other instances, con
artists bought up supplies of genuine bills from failed banks, chemically erased the bank name, and printed
tlie name of a real bank in its place. An instance of the latter is the Egg Harbor Bank, of Egg Harbor City, NJ.
It failed in 1861. Quantities of its notes were bought up, tlie black printing of name and place %vas dissolved
with chemicals, and the bills were then overprinted with information about the solvent Valley Bank of
Hillsborough, NH.

Spurious: These are contemporary bills for which no originals were ever made. Sometimes the name of a
solvent bank was imprinted on currency displaying designs that were never used by that bank. In other
instances, such as the aforementioned New England Bank, beautiful bills were printed for institutions that
never existed.

A $5 note of the Egg Harbor Bank, Egg Harbor City, NJ, 1861 is below. The bank failed in the same year.

PAPER MONEY • March/ April 2006 • Whole No. 242

101

WANTED:
NATIONAL
BANK NOTES

Buying and Selling Nationals
from ail states.

Price lists are not available.
Please send your want list.
Paying collector prices for better
California notes!

WILLIAM LITT

P.O. BOX 6778
San Mateo, California 94403
(650) 458-8842
Fax: (650) 458-8843
E-mail: BillLitt@aol.com

Member SPMC, PCDA, ANA

I Collect

FLORIDA

Obsolete Currency
National Currency
State & Territorial Issues
Scrip
Bonds

Ron Benice

4452 Deer Trail Blvd.
Sarasota^ FL 34238

941 927 8765 Benice@Prodigy.net

Announcing the
Confederate Paper Money
Condition Census Project

• Building a census and provenance
of the top CSA currency rare varieties

• Updates to be published as supple-
ments to new Collecting Confederate
Paper Money book by Pierre Fricke.

• Do you want to be remembered 100
years from now by future collectors?

• Privacy and anonymity maintained
at your request.

Long time rarity and variety collector (32
years) - U.S. Large Cents, Bust Halves, now
CSA paper money and bonds. Member EAC,
JRCS, SPMC. From long time Louisiana
family.

Please write to - Pierre Fricke,

P.O. Box 245, Rye, NY 10580
pfricke@attglobai.net; www.csaquotes.com ;
eBay - “armynova”

Nobody pays more than H untoon for

ARIZONA & WYOMING

state and territorial Nationals

Peter Huntoon
P.O. Box 60850
Boulder City, NV 89006
702-294-4143

102

March/Aprrl 2006 * Whole No. 242 • PAPER MONEY

Large quantities of bills of various denominations passed into the hands of crooks^ who removed the blank-ink
imprints relating to '"Egg Harbor'' and ''New Jersey/' and printed inscriptions of other banks and locations.

This lovely 1864 $10 bill of the Valley Bank, Hillsborough, NH, started life as a $10 bill of the Egg Harbor
Bank The alteration is so well done that it can be detected only with careful study in combination with the
knowledge that the Valley Bank never issued bills of this design.

In between: I have added this category to reflect bills called fraudulent or spurious in the literature, but
which are not. In contemplating some Washington, D.C., banks that have been called ''fraudulent" in the liter-
ature I wondered how banking frauds could have been carried out in the seat of the federal government.
Kansas, Michigan, or the northern reaches of Maine, yes, but in the shadow of our Capitol building?

After some digging around I found that in some instances banks that were authorized sought to have
their charters extended. However, Congress, which regulated such matters in the District of Columbia, did
not do this on a dmely basis. Thus, without charters, some banks continued in operation, rather than dose
tlieir doors, to the detriment of their stockholders, depositors, and customers.

1 could recite a long list of other institutions— the Mousam River Bank in Sanford, Maine, comes to mind
as a quick example — that have been called fraudulent or bankrupt, but were neither. What often happens is
that one historian makes a guess, another picks up the information as a fact, and a bank is thus classified.
Whenever possible, I try to use original rather than modern numismatic sources. For the Mousam River Bank,
the contemporary reports of Maine bank commissioners, issued each year, tell the real story.

Tire bills of this bank are nonetheless enigmatic. The plate to print them, by W.L. Oimsby of New York,
was earlier used to create currency of various denominations for the Potomac River Bank of Georgetown, DC.
The District of Columbia and bank information was effaced from the plate by Ormsby, and information about
the Mousam River Bank and Sanford, Maine, was re-entered (the term the bank-note engravers used). Tins
was a common practice employed to preserve the main vignettes, but to use the plate for other work — sort of a
bank-note plate recycling process!

Certain records of the American Bank Note Co. give information concerning plates for one bank being
changed for use by another. Years later, plates for printing Original Series and Series of 1875 National Bank
Notes of the $10, $20, $50, and $100 denominations were re-entered to cliange the imprints from private bank
note companies to the Bureau of Engraving and Printing. (It is interesting to study such federal plates, as the
way to describe the Bureau was not standardized, and various abbreviations and punctuations (such as
Bureau, Engraving and Printing) can be found,

I know that the Mousam River Bank was legitimate. It had some difficulties, but it was not fraudulent,
nor were its notes spurious.

Now comes the matter of the Potomac River Bank. Haxby's Standard Catalog of Ujdted States Obsolete
Bank Notes states this: "fraudulent, possibly non-existent bank." This may be so. It seems that the matter was
not known when this text was written in 1988, as the word possibly is introduced.

My current feeling is that the bank may be non-existent, or it may have operated without a charter, as
some District of Columbia institutions did. It merits further investigation. If it was fraudulent, this does not
mean tliat W.L. Ormsby is closely tied into the fraud, any more tlian Rawdon, Wright, Hatch & Edson officials
conspired with the non-existent New England Bank to commit a crime.

Ormsby could have received a print order from parties planning to start a bank, but not yet chartered.
Printing notes would have been a reasonable commission. All of the major firms did this. Or, the bank could

PAPER MONEY • March/Apnl 2006 • Whole No. 242

103

have been conceived in fraud, and the perpetrators, using false credentials, could have ordered notes from
Ormsby.

I continue to put the Potomac River Bank on my "watch for information" list. The closest I have come so
far is diis notice, printed in Banker's Magazine, April 1857, mentioning a bank with a slightly different name:

DESTRUCTION OF COUNTERFEIT MONEY AT BOSTON.-Sheriff Clark, of
Suffolk, received from Charles B. Hall, Esq., Secretary of the Society for the Suppression
of Counterfeit Money, and commenced the destruction thereof, in conformity with the
law, a large amount of counterfeit bills, coin, plates and moulds. The whole amount was
nearly $50,000.

About $18,000 consisted of bills on the Potomac Bank of Georgetown, which insti-
tution never existed. The rest of the bills were mostly counterfeits of various New
England banks. There were also thirty-one steel and copper plates engrossed for bank
notes, and some $200 in counterfeit coin, consisting of quarter, half and whole dollars.

Spanish milled dollars, gold dollars and half and quarter eagles; also, three plaster
moulds for the casting of coin .^ — Boston Traveller.

So, now you now know as much as I do about this Georgetown bank or pseudo-bank.

TH£ PHESI DtaiT OldETCToRS h CO Of

MOUSAiyi RJV^

'/z/y/z/y T'W^o D oll3.rs r/f ^

saciforo- tTATE or
-

This $2 note of the Mousam River Bank, Sanford, Maine, was engraved and printed by W.L. Ormsby,
New York City, from a plate earlier used to print bills of the Potomac River Bank of Georgetown, D.C.

THE P3 ESI RENT DiRtCTORfi A CO-OF

POTOMAC RIVER BANK J ,

^ lA

ft /////y Two Dollars ///ry/yy

■ IP Hr

yyt^

yf.' /C-' tj/y^

This $2 bill from the Potomac River Bank is from the same plate. Another little mystery is the steam
train. In various modifications (here with a sea and ship in the sky to tlie right), this motif was used to print
many different bills of state banks and for $100 Confederate notes ("straight steam" and "diffused steam" vari-
eties) by various printers. Another little mystery is this: Who created the vignette, and when was it first used?

Not making matters easy for historians is that certain redemption banks would apply stamps such as the
aforementioned COUNTERFEIT or WORTHLESS, or even BROKEN BANK. This stamp sometimes meant
that the clerk at the redemption center thought the bill was not real, or was worthless, and picked up the near-
est stamp at hand. The bank might not have been "broken" at all, but the bill was bad.

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March/April 2006 • Whole No. 242 * PAPER MONEY

Tracking Down the Rea! History

Separating Fact from Fiction

The field of obsolete currency, perhaps more than any other specialty within paper money, or syngraph-
ics as Gene Hessler is fond of calling the pursuit, has many "layers'' of facts and information confronting any-
one who wants to do serious research. Sometimes one needs to dig, and deeply, to find out what really hap-
pened. At the risk of digressing from telling stories, as part of this article ITl share some techniques that I have
found useful.

A fine basic source consists of the annual reports of state banking offices or commissioners, usually
telling of the different chartered banks in the state, listing the officers and sometimes the directors, the capital-
ization, outstanding currency, and other data, sometimes with a few comments attached.

Generally, such reports are useful only up to a point, for they tell little about whether the bank was held
m liigh esteem for ethics and solidity, or ranked poorly. Just numbers are given. Absent complete failure,
such reports often reflected that a relatively worthless bank was in sound condition. Part of this had to do
with the way capital was figured.

Often a bank would be capitalized at, say, $100,000. Those forming the bank would perhaps put in
$5,000 or $10,000 of cash, then borrow the rest from the new bank itself, simply giving back lOUs or notes.
Really, the bank had just $5,000 or $10,000, often quickly spent on startup expenses. The TOUs often had little
or no value, as they were simply transfers of paper.

Per early bankiirg accounting, the familiar joke about a childhood transaction comes to mind: a boy was
sitting on a airb with a dog for sale, and a sign "Price $500,000.'' The next day a passerby stopped and asked
where the dog was* "Did you sell it?" "It went right away. I traded it for two $250,000 cats." Such computa-
tion of "assets" was very common in the banking era*

Cover Ups

A deeper layer of investigation involves reading reports on specific banks filed with the state, by auditors
sent to the bank to investigate problems* Sometimes tliese unfortunate situations were detailed carefully* At
other times there were important people involved, and the whole matter was treated gingerly. Such reports
require some digging to find, perhaps in state archives.

A SOd: note, the smallest of several denominations issued by the
Hillsborough Bank of Amherst, NH is at left. This institution began in a
legitimate manner, then became fraudulent with vast and illegal over-
issues of paper money that became worthless. Although there were
some newspaper notices and pamphleteering, the president of the
bank, Samuel Bell, was never prosecuted. Some years later he was
elected governor of the state.

In the investigation of New Hampshire currency, which David
Sundman and I have been doing for a number of years, the failed
Hillsborough Bank of Amherst was treated very carefully, as high
names were involved. The president, Samuel Bell, was soon in the gov-
ernor's chair in the state Capitol. He was never charged for gross viola-
tion of the law, by vastly overissuing paper money that became worth-
less. Ditto for the embezzlement of the Bank of Lancaster, by George Williams, highly esteemed local citizen
and son of a well liked governor.

In most instances, if nasty details were published in reports, the accounts were sanitized or kept out of
local papers. If they were published, in muted form, they were soon forgotten.

On the other hand, when the Bank of Wolfborough (as it was spelled) was investigated in the early 1840s,
the matter involved mainly out of towners, sharpsters from New York (including Samuel Dakin), and the
reports were scathing. Still, Wolfeboro (later spelling) had no local or even regional newspaper, and, likely,
local citizens never knew the details. This general lack of communication is why altered, spurious, and coun-
terfeit notes enjoyed wide circulation*

Counterfeit Detectors

Right now, as you read this, you might ask: What about counterfeit detectors, the guides published
weekly or monthly? My answer is this: If you try to use a counterfeit detector, most have little value. Basic
information is given about the designs of some notes, but usually with not enough details to be numismatical-
ly useful in differentiating between the genuine and the counterfeit. Information about the solidity of a bank
can be woefully out of date* The best use of such guides was in the learning that a bank had failed or its notes
were depreciated, if accurate information was given.

PAPER MONEY • January/ February 1999 • Whole No. 199'

105

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Future Dates: November 14-17,2007

106

March/April 2006 • Whole No. 242 • PAPER MONEY

As numismatic research tools I have found they are interesting to look at, but the tedious listings, often
unchanged over long periods of time, have very little value.

Going down to another layer in research we have newspapers of the day, printed in virtually every large
town in the East and Midwest. These are often the very best sources for learning about scandals, defalcations,
and unusual activities, unless, as mentioned, a local leader was involved. In those instances, local papers may
have been silent, while papers a hundred miles away delighted in exposing all of the raw details.

A problem is that there is no way to access most newspapers on a systematic basis. Some of tlie larger
city papers have been captured on microfilm, mostly from the 1850s onward, and fewer still are accessible on
the Internet. The majority of papers from small and medium size towns can be reviewed only on a catch-as-
catdi-can basis, with the time needed to do so far outranking the results obtained.

Official Bank Histories

Over the years, several hundred banks have published booklets or texts about their history. Details of
absconding officers, illegal actions, and the like are liardly ever mentioned. This class of books makes good
supplementary reading for anyone who has a file of early newspaper and magazine clippings or government
reports. The books do have great value in determining the course of business history of banks, the terms of
services of officers, capitalization, and for tlieir illustrations. These are fine additions to a library.

Trying to track down the intricacies of bank note issuance and the banks involved is a challenging pur-
suit. The field of obsolete currency is so vast, encompassing nearly 2,000 state-chartered banks and other cur-
rency institutions, that in our lifetimes we will never see them all researched except, perhaps, shallowly. This
provides great opportunity for anyone interested in exploring in depth.

A $3 note from the Bank of Allegan, located in Allegan, Michigan is Bowen-3 in Harold Bowen's descrip-
tive text. State Bank Notes of Michigaih one of the best researched of the books on state currency and also one of
the first.

Now and again, a numismatic history of bank notes from a given state does contain in-depth informa-
tion. One of the best is also among the earliest. State Bank Notes of Michigan, by Harold L. Bowen, published in
1956. Bowen was a dealer and collector and operated the Detroit Coin Company. It is evident that he was a
skilled researcher as well.

On the other hand, George W, Wait's 1977 book, Maine Obsolete Paper Moneif a^id Scrip, was lightly
researched and has very little in the way of information about the banks that issued the notes. It also has a lot
of wrong or incomplete information. This is not to take from Wait's accomplishments, for he had a lot of
ground to cover in the writing or encouraging of texts on several different states. It is a wonder that he pub-
lished as much as he did.

The preceding said, here are some vignettes, shall 1 say, of the era of state-chartered banks, with empha-
sis on matters that are less tlian straightforward:

Confessions of a Banker

Hoyt Sherman, who was a banker in Iowa in the 1850s, told of wildcat and other nicknamed bills, with a
commentary on what a certain banker did with them — an inside view of human nature in action:

To illustrate how the bank note deposits were assorted and treated by the bankers at that
interesting period, I copy literally the labels on tlie several compartments in an old currency tray, in
which the notes were assorted as they came in, and from which tlie checks were paid. These labels
were: "Eastern Penn.," "N.Y.," and "New England" in one compartment; "Ohio/' "Indiana," and

PAPER MONEY • March/April 2006 • Whole No. 242

107

"Missouri"' in another; then "Va./' "Md,," and "Ky" in another; then in a further compartment
"III." and "Wis,/" And, lastly, "Western Mixed/"

The first-named notes were choice par funds, rating next to good, and tliey were shipped to
New York for exchange purposes. The next two compartments (with Ohio, Indiana, Missouri,
Virginia, Maryland, and Kentucky) were "bankable funds/' so called, and graded among the safest
of bank notes.

Illinois and Wisconsin took in the few legitimate free banks in those states, located principally
in Chicago and Milwaukee, but the last label was more comprehensive than all the others put
together* It included "rag tag" and ""bob tail," everything not comprehended under the other labels
but resembling a bank note — "Western Mixed was the dignified and formal name for it. Its pet
names were "stump-tail," "red horse/" "wild -cat/" "brindle-pup," and many others of like endear-
ing character.

The vigilant banker watched that pile of currency closer than the others. Its increase in quanti-
ty caused much anxious concern — and its decrease corresponding elation. As the close of the busi-
ness day approached, if the supply was large, he prayed inwardly for checks to come in for pay-
ment; and if he could close up the day with that part of his tray empty, his sleep that night would
be calm and peacefuL That kind of money reversed the usual order of things in the mind of a
banker — a large balance, instead of being a source of satisfaction, was a very disagreeable menace.

As to the nature of the "Western Mixed" we can only guess today. No doubt it was a mixed bag contain-
ing genuine notes of failed or hopelessly insolvent banks, spurious bills on banks that never existed in the first
place, and various types of alterations* As stated, these were the first to be paid out!

Hoo-Hoo or Owl Creek

Good Intentions

Now and then in Niles' Weekly Register (one of my favorite sources) a bank located anywhere, whose bills
were worthless, was sometimes called a "Hoo-Hoo or Owl Creek" bank, the hoo-hoo being the cry of this par-
ticular bird*

Some background is provided by this item in the issue of April 17, 1819:

The Owl Creek Bank has given public notice, that, in order to counteract the
injurious tendency of the United States branch banks in that state, it has
thought proper to follow the example of the other state banks, and has there-
fore stopped payment of specie, and will probably "stay stopped," as the
expression is, for some time. So says an Ohio paper*

As a matter of fact the Owl Creek Bank, located in the small Ohio town of Mount Vernon, did stay
stopped. Soon it ceased business entirely.

y/}j4C ©r>rjb ^

A $3 note of the Owl Creek Bank of Mount Vernon, OH, and a
detail of the vignette with the eponymous bird and creek. The fame
or, ratlier, infamy of the Owl Creek Bank spread, and worthless bills
of all kinds became known as "owls" or "owl creek" bills, such
usage continuing for years thereafter* In a speech in the United
States Senate, Januaiy 13, 1842, Sen. Thomas Hart Benton comment-
ed negatively on the chartering of new banks that promised much
but turned out to deliver little, including this sentence: "Does he not

103

MarcIVApril 2006 • Whole No. 242 • PAPER MONEY

know that it is the slang upon which every bank charter is obtained — that it is the old worn out, used up, dead
and gone slang upon which every red dog, wild cat, owl creek, coon box, and Cairo swindling shop which has
disgraced our country, obtained tlieir charter— and that all diese paid out specie until they stopped?'"

As to the origin of "coon box"' in relation to paper money I know notlning. The mention of Cairo refers to
a wild and wooly city in Illinois at the intersection of the Mississippi and Ohio rivers, for a long time a hang-
out for thieves, grifters, gamblers, and others who preyed on the transient population. "Wild cat," or one
word "wildcat," was a popular name given to worthless notes issued in Michigan in particular, where various
large animals of feral feline species were said to be a danger to the public^ — just like the notes were!

The Beginning and the End

The Owl Creek Bank might be a good subject for a future article, although the subject is rather special-
ized. Here 's a short sketch. In December, 1814, a meeting was held by interested citizens of Mount Vernon,
OH, who desired to set up a bank. At the time, monetary conditions remained chaotic — even though the War
of 1812 was winding down. A state charter was applied for, but was not granted. Undaunted, the projectors
went into banking anyway, and in 1816 the business was operating satisfactorily in an office in a small frame
building painted bright red. Currency was ordered, received, and circulated.

However, the success of the bank aroused the enmity of several people in other towns in Ohio, who
wrote unfavorable letters to newspapers. Before long, the bank had to defend itself. T o make a long story
short, there was a "run" on the bank; it could not redeem its notes; and, business ceased. The paper "owls"
were publicized nationally, entering the language as a synonym for worthlessness. The hook on the story, lit-
tle known today, is that years later, all holders of the "owls" were made whole. This bank was not a fraud and
was never intended to be, although it was widely publicized as an epitome of such!

Today, bills of the $1, $3, $5, and $10 denominations are known for the Owl Creek Bank. A well- used but
sharp $3 bill in front of me as 1 write diis has as its central vignette a snowy owl perched on the ground at the
base of a tree. In the distance is a building — not the bank (small and colored red, as stated), but a mill, com-
plete with water wheel, next to a dam. "Richd Harrison fct/' is in tiny letters at the upper right, meaning
"Richard Harrison fecit," the last for Latin, "made it." Seemingly, Harrison was the engraver of the plate.
Elsewhere on the bills is the tiny inscription, Prin. by C.P.Hn Pitts'h,"'

Samuel Dakin and His Curious Banks

From Newspapers to Dry Docks

The architect of another scenario, a real fraud, is one of my favorite research subjects. Apparently, he
was a man of many interests — newspaper publisher, inventor of a patented floating dry dock, and bank sharp-
ster. V ery little is known about him today, or, if it is, 1 haven't found it. Certain of his family papers survive,
but all mention of banking situations was deleted years ago.

The earlier mentioned Wolfborough Bank started business in the late 1830s with good intentions, but at
the wrong time — the Panic of 1837 was underway. Some small commercial activity seemed to portend a better
future when national business conditions improved. With a state charter, and located on the shore of a lake in
New Hampshire, distant from cities, without a newspaper, and without railroad service, the town was a little
universe unto itself. Whatever was done there, stayed there, to paraphrase the current motto of Las Vegas.
What was everybody's business In Wolfeboro was no one's business any where else.

As such, it was an ideal target for an adventurer from a distant metropolis, Samuel D. Dakin by name.
He was a lawyer in New York City. In 1841 he is listed as having an office at 40 Wall Street and residing at 12
West 14th Street. In 1843 he had an office at 2 Hanover Street (same street address as the New York branch of
the late Second Bank of the United States, then still in tlie process of winding up its affairs) and lived at the
same place as in 1841.

A New Hampshire Opportunity

He came into Wolfeboro in the manner of the Music Man of River City, per the 20th century Broadway
play. With the appearance of financial expertise, he somehow convinced tlie shareholders of the bank to turn
over the operations to liim, for a generous infusion of capital, never mind that it was in the form of 1.0. U.s.
The sleepy little bank with its small iron safe would become very important. To keep up appearances, local
men were still listed as directors, and the cashier was one of the town's most respected citizens. Perhaps
promises of profit sharing were whispered in their ears. I don't know. The records are silent

Dakin discontinued any efforts at developing local business. He ordered a veritable flood of bills from
the highly esteemed New England Bank Note Co. Beautifully printed, incorporating certain of the Patent
Stereotype Steel Plate system features, and ornamented with vignettes, the bills were impressive to all who
saw them. Denominations selected ranged from $1 to $5 — values that circulated widely and were not likely to
be questioned. Larger bills such as $10 to $100 might have invited investigation.

PAPER MONEY • March/April 2006 * Whole No. 242

10S

An attractive^ rare, and numismatically desirable $1 note from the Wolfeborough Bank from the collec-
tion of C. John Ferreri, printed by the New England Bank Note Co., after state bank commissioners" reports
(which, obviously the firm did not read or else ignored) listed the bank as insolvent.

Dakin may have kept two sets of books, one "'official" set for inspection by state officials and reflecting a
very active banking business, with many false entries, and, probably, another set for his own use.

The bills, signed and dated in ink, flooded the channels of commerce and were used widely. To be sure,
they were worthless, but similar to the actions of the earlier-quoted Iowa banker and also of the Carroll
County Bank, those who took in the bills simply passed them along. Today, such bills are rather plentiful in
the context of New Hampshire obsolete currency. As to their category, they could be called spurious. T hey
were printed by one of the best known bank note firms and were ordered by a bank that was real, but operat-
ed fraudulently.

Why anyone calling at the Oakland County Bank in Pontiac, MI, would take a $5 bill payable at the Bank
of Central New York in Utica is somewhat of a mystery. Perhaps if more can be learned about the banking
career of Samuel D, Dakin, the situation will become clearer.

I would like to learn more about Samuel D. Dakin, He sought opportunities where he could find them,
also with the Bank of Central New York, of Utica, in which Dakin was a founding director. He also had con-
nections with the Oakland County Bank in Michigan and the Manufacturers Bank in Belleville, NJ. Certain
Oakland County Bank bills, made by Draper, Toppan, Longacre & Co., are payable at the Bank of Central New
York. Why anyone in Michigan would take a bank bill payable in a distant state strains the imagination!

Somehow, Dakin stayed out of the limelight, and except in obscure reports little notice has been found
concerning his banking activities. So far as 1 know, he is not even mentioned in any modem histories of early
banking or in any numismatic account pertaining to paper money.

"Fraud beyond which the ingenuity and dishonesty of man cannot go"

Perkins" Best Customer

Among the best known of early 19th century currency formats is the Patent Stereotype Steel Plate
devised by Jacob Perkins of Newbury port, MA. In its most popular form used from 1806 onward, the face
plate was modular — made up of several sections locked in a frame. Different margins (such as with the
emblem of a particular state), border decorations, and other elements could be combined. Spaces were provid-

110 March/April 2006 • Whole No. 242 * PAPER MONEY

ed for slugs to be inserted with tlie bank name, town, and state. Some bills had a Check Plate on the back,
made up of divided sections, said to deter counterfeiting.

The most important customer for Perkins' bank notes in the early days was the Farmers Exchange Bank
of Gloucester, RI. This institution started in a modest way. Incorporated in February, 1804, the capital was
authorized at $100,000, in 2,000 shares of $50 each, payable in specie in seven installments.

As to whether the Farmers Exchange Bank was a fraud from the very beginning is a matter of question.
However, we do know that very little of the capital was ever paid in, and although the directors each remitted
for the first installment in gold and silver coins, the same amount was quickly borrowed back from the bank
by each person — without giving any security! Sort of like $500,000 dogs and $250,000 cats! Each director
eventually held 103 shares, apparently essentially at no cost.

Of the banks 2,000 shares, only 661 were ever paid for in specie (gold and silver coins), and deducting
the loans taken back by the directors, the capital of $100,000 amounted to only $3,081,11 in actual cash!

Bills were ordered to be printed, and various denominations were soon on hand, made from hand-
engraved copper plates with a small vignette, such as of two cows or a farmer hoeing. The day of the Perkins
plates was yet to come. These early notes bore no imprint of an engraver. A statement of March 28, 1805, indi-
cated $28830 in specie and bills of other banks, backing $22,524 of bills in circulation. On June 3rd of the same
year, the directors voted to allow eacli of them to take $200 from the bank, but no accounting of these funds
was ever made, nor were they repaid.

Soon, many more bills were printed tlirough orders placed with Jacob Perkins in Newburyport, in the
improved Patented Steel Stereotype Plate style. Small denominations seem to have been the most popular, not
surprising as these were easy to place into circulation. Such currency was instantly familiar to the public as
dozens of other banks were using Perkins plates at the time.

A $10 note of the Farmers Exchange Bank of Gloucester, Rhode Island, 1806. Worthless in their time, all
are worth more than face value now — to collectors, an irony! Generally, bills of fraudulently operated banks
such as this are very plentiful and the market and can be easily collected.

Enter Andrew Dexter, Jn

Andrew Dexter, Jr., a Boston entrepreneur, became interested in the bank. Dexter, born in Brookfield,
MA, on March 28, 1779, is said to have been a classmate of Daniel Webster at Dartmouth College. With ample
financing through his family, he sought to establish a bank in Massachusetts in the early 19th century, but
could not obtain a charter*

In March, 1808, eleven of the directors of the Farmers Bank of Gloucester sold their interest to Dexter, for
$1,300 in notes payable for each, plus forgiveness of the loans they had taken out to "buy" capital stock. The
notes were signed by Simon Smith and John Harris as principals and by Dexter as guarantor. In due course
the ex-directors received their money. It was later learned than Dexter and his associates paid not a cent of
this, and tliat the money was taken out of the banks own funds. Other stockliolders were bought out on the
same basis. At Ore time of the management change $45,821 in bills were in circulation from earlier times. Of
course, all of this was banking in thin air, smoke and mirrors, and with little in the way of assets. However,
the bank put up a good appearance, and no one was the wiser*

Dexter, who also controlled the Boston Exchange OfBce in Boston and the Berkshire Bank in Pittsfield,
MA, realized that he could make money simply by having it printed by Perkins. With no requirement to make
his records available to anyone, no bank examiners to contend with (such offices had not yet been created),
and with good connections in business, Dexter was able to circulate the remarkable total of $760,265 in bills in
the first year the bank was under his control. Through his Boston Exchange Office and deals with other banks.

PAPER MONEY • March/Aprii 2006 * Whole No. 242

111

he traded many for other bills. Other bills of tlie Farmers Exchange Bank were sold as investment certificates,
although not so imprinted. Investors were promised 6% interest if they held them, but if they changed their
mind, instant redemption in coin would be made. With such an assurance, the bills seemed to be very sound.

In the meantime, Dexter was involved in other ventures, including the construction in 1808 of the Boston
Coffee House, a place of public accommodation that included dining and drinking facilities and rooms for
overnight guests. That business, never a success, burned in 1818.

The cashier of the Farmers Bank, William Colwell, was instructed to keep the quantity of bills secret and
to sign them privately and at night, not during times that the bank had customers. As to delaying redemp-
tions, Dexter instructed Colwell on May 21, 1808, that those demanding coins "should be plagued as much as
possible, by detaining them as long as it will naturally take to count all kinds of specie change, intermixed, in
the most deliberate mamier." John Harris, one of Dexter's partners in the scheme, signed as president and was
not normally on the premises anyway. Over $500,000 in bills were given to Dexter personally, who gave the
bank some I.O.U.s in return. Dexter then pocketed the proceeds received.

In the meantime, although there were no real profits from which dividends could be paid, stockholders
were given about 8% dividend on their capital. In addition, the directors received cash payments from time to
time.

The End

In time, rumors concerning Dexter and the bank circulated widely, and many suspicions were aroused.
In early March, 1808, cashier Colwell wrote to Dexter, "Our situation becomes every day more disagreeable.
The discontent and irritation among the people is very great. We have been sued to-day, and our bank is the
topic of conversation tlirough the country."

Finally, in early 1809, a committee of the Rhode Island State Legislature was appointed to investigate the
situation. The report included this:

The president and cashier were constantly employed in signing bills. . .and Dexter was contin-
ually urging them to sign bills as fast as possible, telling them that everything depended on his hav-
ing them very speedily; that if they were not soon finished, he should not be able to dispose of
them, and that at that time he should be able to sell some of them very well.

The bills were made with so much precipitation, and the officers of the bank were so much
pressed for time, tliat said bills were in some instances sent to Boston without being dated or num-
bered, There is now in said bank $86,46 in specie. . . .

It goes without saying that $86.46 in coins did not do much toward redeeming bills, and all became
worthless. The state closed the operation soon thereafter. Subsequently, an item in the Providence Gazette stat-
ed that Dexter had "practiced a system of fraud beyond which the ingenuity and dishonesty of man cannot
go." The Farmers Exchange Bank became famous as the first major bank fraud in America and was widely
discussed for years afterward. In the meantime, Dexter decamped to Windsor, Nova Scotia, to avoid impris-
onment for debt.

Many years later, in 1830, some $1,500 in bills on hand from the investigating committee of 1809 were
destroyed by state legislators.

An Upstanding Southern Citizen

In 1816, Dexter was back on tlie scene, now in Milledgeville, GA where, using land scrip inlierited from
his father, he was the successful bidder of a vast tract for $7 per acre, which was paid for in large part with
money supplied by John Falconer, in whose name the title was placed. The town of New Philadelphia was
laid out and came into being. Soon, a small community of log structures arose on streets named by Dexter for
naval heroes of the War of 1812 and American presidents. Peter A, Remsen, a traveler from New York, went
through the district, and on January 12, 1818, noted this: "I visited New Philadelphia, one mile back from the
river. A high, pleasant place and bids fair to flourish. . . .Lots sell in this place for $50 to $150 per lot It has
800 laid out and Mr. Dexter is about to have grist and sawmills in operation shortly about five miles distant."

Another entrepreneur, Virginia-born plantation owner General Joltn Scott, acquired extensive acreage
and established the town of East Alabama. In 1819 that section of Georgia became part of the new state of
Alabama, New Philadelphia and East Alabama merged, and the town of Montgomery was formed. Dexter's
partner John Falconer became the first postmaster of Montgomery, the Alabama state capital. Dexter donated
land to Montgomery, and the name of Market Street was changed to Dexter Avenue in his honor. T he town
prospered greatly, aided beginning in 1821 by steamboat service connecting down river to Mobile on the Gulf
of Mexico.

112

March/April 2006 • Whole No. 242 • PAPEK MONEY

The Capitol of Alabama at Montgomery — a city of which hank scoundrel Andrew Dexter, Jr., was a
founding father, sort of.

Apparently, Dexter's ambitions exceeded his abilities to turn an honest proBt, and it seems that he drift-
ed from one project to another. I n 1833 he visited Texas and became fascinated with its potential. He traded
some of his Alabama real estate for dry goods and other merchandise, seeking to sell this in Texas, but the idea
did not pan out.

Andrew Dexter, Jr., died in debtors' prison in Mobile, AL, of yellow fever, on November 2, 1837. His
burial place is unknown. His wife, born in 1787, the former Charlotte Apthorp Morton, sister of a governor of
Massachusetts, died on August 17, 1819, and was buried in Montgomery. Later historians have variously
characterized Dexter as a dreamer and visionary, what with helping to found the capital of Alabama, or less
charitably and more accurately as a scoundrel. Actually, he seems to have been all of these things.

Tales of Two New York Bankers

Jacob Barker

In the Merchants and Bankers Almanac, 1870 edition, space was given for biographical sketches of well-
known bankers, including this:

JACOB BARKER OF NEW ORLEANS. Jacob Barker is a descendant of the Quakers. He was a
resident of New York City forty years ago, and took up his residence at New Orleans, where he
now resides. At the age of sixteen years, he came to New York, a poor boy, and got employment in
the counting room of Isaac Hicks, a merchant of this city. He commenced business for himself
before his majority, and was soon in possession of four ships and a brig. . dn the year 1801, Aug. 27,
he married Elizabeth Hazard, daughter of Thos. Hazard.

After the war Mr. Barker engaged as a banker, and unfortunately lost his credit, and was pros-
ecuted for his participation in the affairs of certain insurance companies. Many years afterwards he
removed to New Orleans, and was elected to Congress after the rebellion, but was declared ineligi-
ble.

During the war of 1812, the credit of Mr. Barker was of the highest. In connection with Mr.
Girard, Mr. J J. Astor, Mr. Parish, and others, he bid for the loans of 1813-1815. He is yet a resident
of New Orleans, but failed as a broker since tlie rebellion.

It seems that Mr. Barker was a banker of outstanding reputation, an associate of Stephen Girard, John
Jacob Astor, and others, but, somehow, lost his credit. In fact, Barker was a fraud. He controlled several
banks, all of which conducted business under false pretenses. Here are a few of many notices published in
Niles' Register over a period of time:

July 3, 1819:

Exchange Bank, June 29. Conformable to promise, I have visited Sandy
Hill, inspected the concerns of the Washington and Warren Bank [of Hudson
Falls, NY], found tliem in excellent condition, and T do not hesitate to declare.

PAPER MONEY • March/April 2006 • Whole No. 242

that if there is anything eartlily certain it is the solvency of said Bank.

When I have redeemed my pledge as to the paper of the Washington
and Warren bank, (which will be within the period mentioned), the public
will then know how to estimate what 1 have said as to the goodness of the
notes of the Exchange Bank. JACOB BARKER,

September 23, 1820:

Prices of Bank Notes, at Baltimore: New York: City banks, par; country
notes, generally good, several as par, the rest at 1 a 3 discount. Except the
bank of Hudson, the Washington and Warren Bank, Jefferson County Bank,
Bank of Niagara, Jacob Barker's Bank [Exchange Bank, New York City], and
all the unincorporated banks and other money-manufacturing institutions,
few notes of which are afloat, and these very bad.

January 1, 1827:

The New York Trials. The case of Jacob Barker, and the company found
guilty with him of conspiring to defraud, etc, has been removed to the
Supreme Court by a certiorari. Charles Mowatt and Thomas Hyatt, have been
sentenced to the penitentiary for two years, and Samuel F, Lambert and
Henry B. Lambert sentenced each for one year. Thomas Hyatt not appearing,
his recognizance was forfeited.

Certain proceedings had in the trial of Barker and the rest, are objected
to as having been illegal. The effect of the writ of certiorari may be to grant a
new trial.

Toltlt

/iJ/Mm f 'tMfh T

Signed by Jacob Barker, this $5 note of the Exchange Bank, New York City, is today a memento of one of
New York City's greatest bank frauds.

January 3, 1829:

More Disclosures. Among those charged with some iniquitous doings as
to the Tradesmen's Bank, at New York^ — (a bubble that floated awhile and dis-
appeared) — was Mr. Jacob Barker^ — ^who has lately vindicated himself in a
pamphlet, and before a public meeting of the people; of whicli latter we have
the following account in the N.Y. Mercantile Advertiser of the 24th ult.

The meeting invited by Mr. Barker at the Exchange, on Monday evening,
was attended by a large concourse of respectable citizens, exceeding, it was
supposed, upwards of 2,000 in number. Mr. Barker exhibited to this meeting,
the original papers which he has published in a pamphlet, proving according
to these, that he had no concern in the disposition of the stock of the
Tradesmen's Bank, as was alleged against him in the late conspiracy trials;
and showing also the real parties engaged in that transaction, one of whom it
appears was the Hon. Richard Riker, recorder of the city of New York.

Malapar

Then there are the machinations of Malapar, who to the general public seemed to have had just one
name, sort of like Cher, Elvis, and Madonna in yesterday's world. Following are notices from Niles' Register
on the activites of this individual.:

114

March/April 2006 • Whole No. 242 • PAPER MONEY

April 29, 1826:

The "Marble Manufacturing Company" of New York, which lately com-
menced the manufacture of something which they passed off as bank notes,
has already shut up shop. From what is stated, it appears that the managers of
this establishment are rightful candidates for the manufacture of marble — in
the penitentiary.

July 1, 1826:

Speculation! Malapar, late president of the Marble Manufacturing
Company at New York, who issued a large amount in things like bank notes,
has been tried and found guilty of a conspiracy to defraud certain persons
named and tlie public. The development of this affair is said to show as prof-
ligate a tissue villainy as ever was exhibited.

For the Marble Manufacturing Company the talented partnership of A., B, & C, Durand and Wright pro-
duced tlris beautiful but worthless $100 bill. Fraudsters often called on the leading bank note companies to
create notes that today are high examples of engraving art.

July 8, 1826:

It is thought that Malapar and his associates— a miserable set of irre-
sponsible and obscure individuals, have defrauded the public of about five
hundred thousand dollars. The fellow, a short time before he turned money-
manufacturer, kept an oyster cellar. He is a Canadian Frenchman, and espe-
cially exerted himself to take-in his Canadian brethren, which he did do, to a
large amount.

December 2, 1826:

Malapar, the maker of the Marble (paper-money) Manufacturing
Company of New York, by which many were swindled, is now at Paris — and
has proclaimed his intention of "making a book," to give an account of the
business of that rag-shop.

July 14, 1827:

Malapar, the fellow who, in New York, by speculation, in a few months,
elevated himself from a cleaner of boots or vendor of oysters, we forget
which, to the highest rank among the nobility and gentry of the city, taking
the lead in "good society," has been apprehended at Montreal, and there is
some prospect that the honorable gentleman will be associated with the "mar-
ble company" at present incorporated within the walls of the state prison; and
the charter to carry on his operations, may be granted during life!!

The Good News

At the throne of justice even Malapar had a first name: Antoine. What was bad news for the holders of
the bills of Dexter, Dakin, Barker, Malapar, and others is good news for numismatists today. This general class
of currency — notes that became worthless in their own time- — is readily collectible today.

A close reading of contemporary newspapers and magazines suggests that while the Wild West had a lot
of scoundrels riding horses and shooting up saloons, banking in the East had just as many, but with printing
presses and pens as their chosen weapons!

PAPER MONEY • March/April 2006 • Whole No. 242

T15

T here are literally tens of thousands, if not hun-

dreds of thousands, of cashier - president signature combinations
on National Bank Notes. In the November/December 2003 issue
of Paper Monei/, Frank Clark identifies eight banks that had the
same person holding both offices at their bank and thus having their signa-
ture appear twice on the National Currency issued by their bank. One of
these is E, G. McGinnis, who served as both the cashier and president of the
Fairport National Bank and Trust Company of Fairport, NY from 1927 to

1935.

Fairport is a village of about 6,000 people located 10 miles southeast of
Rochester, NY. It is one of the ports'' on the historic Erie Canal, and
although today it might be considered a fairly upscale suburb of Rochester,
it still retains much of its small town flavor.

During the decade of the 1910s, the population of Fairport grew by
50%, reaching 4,600 by 1920. The village's private bank, which traced its
ats back to 1878, closed in March, 1916, upon the death of its propri-
etor, Fairport residents were then obliged to do their banking in
nearby communities. Thus the growing community needed a new
bank and a group of local men set about to organize a national
bank.

The Monroe Couuh/ Mai] of May 25, 1916, carried the headline
BANK ORGANIZED with the information that the new bank
would be called the Fairport National Bank. The June 22nd issue
listed the ofBcers and stockliolders under the headline NEW BANK

SOON. Soon the July 6th issue carried an advertisement noting that

WS it would open on Monday morning, July 10th. The ad noted that it
W had a capital of $50,000, had received charter number 10869 and
would "giv^e efficient and continuous banking service to Fairport and all
surrounding territory." It would be located in the Schummer's Block on
West Avenue in the village.

t The founding president was Frank E. Shepard and the first

cashier was George G. Mulliner. Mulliner resigned five years later
because of ill health. Edward George McGinnis of Rochester was

Edward G. McGinnis in 1924. appointed cashier and began his position at the bank on November 1, 1921.

McGinnis was born in 1887 at Chapin, a hamlet near Canandaigua in
the next county east of Fairport. After graduating from high school, he
went to SanFrancisco as a teenager, attended business college there, and
worked for a short while as a clerk for Wells Fargo Express Company. He
then worked in Denver and, coming back east, in Rochester, before working
at the Canandaigua National Bank from 1911-1917. For the next four years,
he was an assistant national bank examiner before accepting the position in
Fairport.

Nineteen twent}^-four was an important year in the bank's history. It

116

March/April 2006 • Whole No. 242 • PAPER MONEY

A Series 1 929 type 2 note on the
bank with E. G. McGinnis’ facsimile
signatures as both Cashier and
President. I had wondered why the
signatures were not exactly the
same. Frank Clark explained that a
bank was sent a signature card for
the cashier's signature and a signa-
ture card lor the president’s signa-
ture. Thus McGinnis would have
signed a separate card for each
position. (Courtesy Rochester
Numismatic Association)

felOB69 A003273

FMRrORT KITIOIUL
SINK AND mUSI tMPHir
® FAIRPORT

£ NEW tO«K

A003273 X0869

'rj^]iO]iL.ues

The

business
card of E. G.
McGinnis from
the period during
which he served as
both President and
Cashier of the bank.
(Courtesy of the Perinton
Historical Society)

received trust powers in the spring of that year and so changed its name to
Fairport National Bank and Trust Company. In August it moved into its
beautiful new bank building, noted as being ""thoroughly modern with a
complete vault service and burglar alarm protection'" at 58 South Main
Street in the village. The new bank building had cost $90,000.

When President Shepard retired because of ill health in March, 1927,
McGinnis was elected president of the bank. From one million dollars in
assets in 1923, the bank's assets grew to more than four million by 1944.
Much of this growth was attributed to McGinnis' "experience and
judgment in the banking field and his pleasing manner with the
public."

In 1935, Myra A. Braman, who earlier in her career had
been a bookkeeper at the bank, was appointed cashier thus
ending the dual role McGinnis had held at the bank for
eight years.

In April, 1944, it was announced that
Security Trust Company of Rochester would
take over the Fairport bank, which would
then operate as the Fairport branch of
Security Trust. This time the local newspaper
headline read FAIRPORT BANK UNDER
LOCAL DIRECTION 28 YEARS, and summarizied
the bank's history

With the take over, McGinnis became a vice-presi-
dent of Security Trust and head of its Fairport branch. Two
years late he resigned from the bank he hadserved for a quarter
of a century because of family health matters. At this time the
President of Security Trust commended him: "We make the
^ announcement of Mr, McGinnis' resignation with the deepest regret
for, during his 25 years of faithful service to his bank and to his communi-
ty, he hasend eared himself to all who know him."

During his years in Fairport, McGinnis had played a role in his profes-
sion and in the community. He served as Secretary-Treasurer of the New
York State Bankers Association Group II, a director of the Fairport Rotary
Club, and a director of several Fairport businesses. His recreational activi-
ties included travel, reading, golf, and fishing. He had married Mae
Robinson in 1913, and they had one son.

The bank issued Series 1902 and Series 1929 National Bank Notes in
both $10 and $20 denominations. Those notes issued by the bank from 1927
to 1935 would have had McGinnis' signature as both cashier and president.
All told, the bank issued slightly more than a million dollars, with $100,000
out at the close of the national bank note issuing period, of which $2,260
were large size notes.

In recent years there have been several bank mergers and takeovers,

'CJfiOOS Collwlor^ UnNras. ine 526301

PAPER MONEY • March/April 2006 • Whole No. 242

117

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T18

Marcb/April 2006 • Whole No. 242 • PAPER MONEY

The Fairport bank building opened in
1924 and serves the community
today as a Fleet Bank branch.

Bottom portion of the “Simplified
Statement” of the bank for June 30,
1927, as published in the local news-
paper. E. G. McGinnis, who a few
months before had added the bank
presidency to his responsibilities, is
thus listed as both the bank’s
President and Cashier.

OFFICERS

James L George ...
E, G. McGinnis __
Albert B. Hupp ...
Will 0. Greene —
Jolm Jf. Baliler

X Bniiselmnrt

D. K: Walling

John M* Bahler
E. G, McGinni.':

Will 0. Greene

and today the 80-year-old Fairport bank building still serves the communi-
ty as a FleetBank branch.

A Note on Sources

The microfilm holdings at the Fairport Public Library of the two
Fairport newspapers. The Mon/w Counhj Mail and The Fairport Herald,
which merged in May, 1925, to become the Fairport Herald-Mail, were
invaluable in researching this article. Each gave extensive coverage, with
historical information on the bank, tot he opening of the new bank building
in August; 1924. President Shepard's resignation and McGinnis' appoint-
ment to the bank presidency is
found in the March 24, 1927, issue.
The merger with Security Trust,
along with historical information
on the bank, is found in the April
20th and June 1, 1944, issues, and
McGinnis' resignation is noted in
the October 31, 1946, issue.

The Comptroller of the
Currency annual reports were use-
ful for overall information on the
bank. Specific biographical infor-
mation on E, G. McGinnis was
found in Who's Who in New York
(1938), p. 754. Information on the
note issuance of the bank is found
in Don. C. Kelly, National Bank
Notes, 3rd ed. (1997).

Cliiuniinn of tbc Board
^ nud Ou^liier

Vic^'-Prcsident

DIRECTORS

Albert B. Hupp
Jame.s L Georso

Vice Prcsidimt nrul Trust Oflicer

A’ iee- President

Assistant Casbier

Assistant Cashier

T)r. Jns. W, Fox
Frank E. Shepard

Geo. A. Slocum

TTownvd C. AVhalen

PAPER MONEY • March/ April 2006 • Whole No. 242

119

I N THE LAST ISSUE OF PAPER MONEY, THE EDITOR ENTHUSIASTI-
cally endorsed author Gene Hessler's newest book. The Interjiational
Engraver's Line. At the Editor's suggestion, the author agreed to share
gleanings from that wonderful reference with readers of this journal, which
Hessler formerly edited. Gene has done so, including "action photos" of
engravers at work, deep details from pristine miniature artworks, and
exemplary notes signifying various engravers' styles. Feast your eyes, and
then go out and buy the book* You'll be glad you did. The International
Engravers Line is 392 pages, 700 illustrations mostly in color, and auto-
graphed if you desire, priced at $74 including postage. A premium edi-
tion with signed notes is available for $140, Address your
inquiries to Gene Hessler, PO Box 31144, CincinnatL,

OH 45231 or engraversline@aol.com

<v?l‘

Albrecht Durer, the father of engraving. This por-
trait was engraved by Christopher Broadbridge,
Christopher Broadbridge was born in England
in 1947, He began his training at Bradbury
Wilkinson In 1964 and worked under R.G.

Godbehear, Alan Dow and Ron Beckers.
Broadbridge has engraved bank notes for
Egypt, Ghana, the Republic of Ireland, St.
Helena, Qatari Scotland, Venezuela and
other countries.

",..the way things have gone in our
industry your timing to produce an
overview of bank note engraving was
perfect, just before it all disappears. I
can*t wait to see the result of all your
research and hard work, and to learn
about all my fellow engravers [from
around the world] who 1 have never met
and know very little about. If you had
not taken up this huge challenge^
all the pieces of the puzzle
would have eventually been
lost,” “ G, Broadbridge
to Gene Hessler

Christopher Broadbridge

120

March/April 2006 • Whole No. 242 • PAPER MONEY

This unused portrait of Queen Elizabeth II (left) by Doubtfire was
intended for the bank notes of Jersey.

Stanley Doubtfire is seen engraving one of his many different por-
traits of Queen Elizabeth IL Doubtfire was born in London in 1921. He
studied the violin from age nine until he was 16 and it appeared that he
was headed for a career in music. However, in 1936 Mr. Doubtfire began his train-
ing as an engraver at De La Rue. Following his time with the RAF in World War fl
he returned to De La Rue. In 1960 music reappeared In his life when Mr.
Doubtfire began studying guitar with Len Wiiliams, the father of virtuoso
John Williams. In 19S2 he published his book Make Your Own Classical
Guitar, Two years later this engraver-craftsman made his first
Renaissance lute, and in 1995 he made his first violin. "I always felt
that in drawing, painting or engraving, the eyes were the most
important feature, where the 'person' is really, and consequently I
spent a lot of time and effort trying to perfect my technique in that
area.” Mr Doubtfire has engraved bank notes and postage stamps
for more than 65 countries.

''When Gene told me about his idea of compiling a book about
bank note designers and engravers throughout the world, I encour-
aged him to accept the challenge. I was convinced from the first
moment that no one could do it better. Gene's knowledge of these
fields, his patience to investigate important details, his persistence and
his excellent qualification as a professional writer were prerequisites to
succeed with such a project, - WitUbatd Kran/sfer, Austria^ author of The
Moneymakers international and Die Geidmacher to Gene Messier

Traditional intaglio engraving is being replaced by computer graphics. Thanks to Gene
Messier, the people, who for the past two centuries have created the images on bank
notes and postage stamps throughout the world, have been recognized in these pages.
To compile the information you will find here, Mr. Hessler, a respected researcher and
authority of intaglio engraving has been in contact with security engravers and design-
ers who have cooperated to allow the author to present information that cannot be
found anywhere else. --Takashi Uemura^ Currency Research inc,, Tokyo to Gene Hessler

Nigel Alan Dow was born in London in 1929. Following a three-year scholarship at the
London School of Photo-Engraving, Lithography and Commercial Art, he joi ned
Bradbury Wilkinson. During this time Dow came to admire the work of American
engravers Robert Savage and William Adolph. Dow became chief engraver at Bradbury
Wilkinson in 1960 when R. Godbehear retired.

PAPER MONEY • March/AprtI 2006 • Whole No. 242

121

American numismatic Rarities’

Brings Over $4.2 million in new York

A VERY Choice EF 1918 federal

RESERVE BANK NOTE REALIZED $10,350

Choice Uncirculated 1896
Educational $5 Realized $9,200

A Choice uncirculated 1913 $50
Gold certificate realized $ 6,325

AN Uncirculated lazy deuce on
Kansas, Illinois Reauzed $7,475

A Choice uncirculated 1899 $5
Silver Certificate realized $6,44Q

A Choice Uncirculated I 862 $2
legal tender note realized $ 4,370

Six P wi- "vT

^ pcnc& Suf-

'i-t 1

|fL"i

■§

B, FRANKLIN*

1 /;* ..I

T, 1M

GTFTr] !i,

r Ikf I'r r

W D, IIALU

{|j.[ iSik Dtji '

1^ m

]u. ,

• j

iriig

A Choice Uncirculated Pennsylvania
Sixpence Note realized $ 2,070

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122

March/April 2006 • Whole No. 242 • PAPER MONEY

Dow has engraved more different bank note portraits of Queen
Elizabeth II than any other engraver. One of Mr. Dow's best portraits
of Queen Elizabeth II.

Rightr
Engraver's
afternoon tea at
Waterlow &
Sons ca. 1938.
Left to right
Joseph
Lawrence
Keen, Edward
Dickenson,
Harry

Carradine with
teapot,
unknown and
George R.
Fairweather.

Agnes Miski-Torok (left)
was born in Hungary in
1949, where she had her
early art training. She
moved to Sweden and
studied at the Swedish
Royal Academy of Fine
Arts in the Graphic
Design & Engraving
Division. From 1981-1998
Ms Miski-Torok engraved
for A. 8. Tumba Bruk in
Sweden, where she
engraved bank notes and
postage stamps for at
least 10 countries. This is
a ciose-up of her engrav-
ing of Jenny Lind that
appears on Sweden's
current SO kronor.

PAPER MONEY • March/April 2006 * Whole No. 242

123

This marvelous engraving of
a leopard was used on an
unissued note for South
Vietnam. It was
engraved by Henry
(Harry) G, Carradine,
Carradine was born
in 1916 and died in
1985, He was
trained at Watertow
&Sons. After World
War II he moved to
De La Rue. He
engraved bank notes
for about 25 countries.

GIORI

SPECIMEN

^ Leonbri

DAVIN-

This De La
Rue Giori
test note was
designed by
Professor
Roman
Hellmann.
Shown is a
portrait of
Leonardo da
VincK This
is included
in the 100
premium edi-
tion copies.

The 5 tenge from Kazakhstan
is one of the signed notes that
accompanies the 100 premium
edition copies of Hessler’s
book. British engraver Joe
Keen (1919-2004) signed this
note.

March/April 2006 • Whofe No. 242 • PAPER MONEY

124

This note circulated in Czechoslovakia, neverthe-
less, it has an American connection. The image
of Slavia on the right was engraved by Robert
Savage for American Bank Note Company, who
received the contract to print the note. Alfons
Mucha, the high priest of Art Nouveau in
Europe created the image of Slavia, which is
based on the iikeness of Josephine Crane, an
Americangiri. Mucha met American millionaire
Charles R. Crane and his daughter on a trip to the
United States in 1909,

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PAPER MONEY • March/ April 2006 • Whole No. 242

125

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126

SPMC Memphis 2005
Board Meeting Minutes
June 18, 2005

Present: Mark Anderson, Benny Bolin, Frank Clark, Bob
Cochran, Rob Kravitz (for part). Gene Hessler, Ron
Horstman, Arri Jacob (for part), Tom Minerley, Bob Moon,
Judith Murphy, Fred Reed, Bob Schreiner

Appointed non-Board member: Wendell Wolka

Visitors: David Boitnott, Wes Duran, Robert Vlack.

The meeting presided over by President Ron Horstman.

The minutes from the November St. Louis meeting were
approved.

We heard a presentation from Robert Vlack asking us to
publish a revision of l\is book on ad notes. He has consid-
erable new material, including some 800 Confederate fac-
simile advertising notes that might be incoiporated. He left
President Horstman with a detailed proposal. In the fol-
lowing discussion, in order for SPMC to proceed, we would
need a letter of understanding from the current publisher,
R.M. Smythe. Who will actually produce the printable
manuscript? There was concern about including the
Schingoethe material, expected to come up for sale soon. It
was noted that this would not be a Wismer project.
President Horstman said he would speak with someone at
Smythe about the feasibility of transferring this to SPMC.

Officer Reports

President's report — Ron Horstman, This is his last Paper
Mone^ column.

Vice President's report — Benny Bolin. No report (but see
his reports for Education and Awards Committees),

Treasurer's report— Mark Anderson, He provided a
detailed separate report. Our financial situation is about
the same as last year at this tinie. Life membership balance
is up a little. Investments have done slightly better, but are
still flat. The Breakfast this year took in $1,472 in ticket
sales and $1,065 in raffle ticket sales; together these result in
a small profit over expenses.

Secretary's report— Bob Sdireiner. He provided a separate
report. We have 1,568 members; there were 1,511 last year.

Appointee Reports

Regional meetings — ^Judith Murphy. There were sessions
at Pittsburgh ANA, FUN, and Kansas City. There will be a
meeting at the San Francisco ANA. Murphy and Wendell
Wolka, who together conduct most of these sessions, have
asked for a per diem consideration, perhaps 10-60% of actu-
al travel costs. They were asked to develop a proposal and
budget related to this and submit it to the president for dis-
tribution / consideration by the entire board via email.

Library report—Bob Schreiner, Schreiner reported that the

MarcIVApril 2006 • Whole No, 242 * PAPER MONEY

library continues pretty much as last year. He bought or
was given about 20 books, and loaned fevver. Demand for
Paper Moue\/ articles continues steadily, although not a big
demand. He noted that he has digitized all 1980s copies of
Paper Monejf and circulated these on one CD to Board mem-
bers as an example of what can be done.

Web report“Bob Schreiner. The SPMC web is being main-
tained but there have been no major changes.

Advertising manager report — Wendell Wolka.
Advertising has increased to some extent and is helping to
pay for the additional pages for our special issues and over-
all increased number of pages per year of Paper Mone\/.
While advertising revenue is an important component of
the Paper Money budget, we still depend on member dues to
provide the service.

Wismer Project report — Bob Cochran. Cochran reported a
possible Florida book from Ron Benice, There was discus-
sion of a possible 1812 manuscript from Forrest Daniel,
There was one comment that the appearance of this materi-
al as a book is unlikely.

Membership report — Frank Clark, He provided a separate
report. The SPMC web continues to be the biggest
recruiter, followed by Tom Denly, Wendell Wolka, Frank
Clark, and Fred Reed, Over the last year, we have added
231 members. This number includes new members, rein-
statements, and people who originally join as life members.

Paper Money publisher/editor report — Fred Reed. The
volume of manuscripts continues, although the page
increase in Paper Money has absorbed much of the backlog.
The wait time to publication Is now much more acceptable,
Bolin asked that the meeting minutes be printed more
quickly. He also asked to include more information about
regional meetings. Can we consider publishing some arti-
cles on the web?

Awards Committee report — Wendell Wolka. We are in a
transition period to adopting the new awards scheme.
There are now many more awards, some two dozen, and
that adds cost, about $1,500 /year. Wendell, after long ser-
vice as awards chairman, has asked to be relieved of this
duty. The president will seek a new awards chairperson.
Bolin added that he took part of the Awards Committee
responsibility, names for the Wismer, Founder's and Gold
awards.

Education Committee report— Benny Bolin. He provided a
separate report. The committee approved two research
awards to Peter Huntoon (National Bank Notes), one to
Willian McNease (MPC), and one to Larry Faiater.
Proposals have been received from Neil Shafer, Gene
Messier, Alec Pandaleon, and Peter Huntoon. No Maverick
Cards were awarded over the last year.

SPMC 6000 Committee report^ — Bob Cochran. Cochran has
been active in pursuing non-renewers, resulting in a small-
er member loss this year than last. He noted that many
paper money dealers are not members. We tried advertis-
ing in the American PhiiateUc Socieh/ Journal with little sue-

PAPER MONEY • March/April 2006 • Whole No. 242

127

"For Old Times' Sake"
$20 Note Classics
Survive

ed me in my collecting youth, as did the note's like-
ness of a young Queen Victoria, and its pleasing
"milkmaid" vignette with its cow, calf, and duck.

Introduced as a high value in 1880, the Toronto
$20 attractively assembles vignettes, contemporary
lettering, and lathe work elements, to an overall
effect retained and well perpetuated in the illustrat-
ed, still negotiable "small chartered" of 1935. Black
intaglio, on mottled yellow under printing.
Medallion engraved likenesses of Queen Victoria
and Albert, her prince consort, feature on an orange
reverse. Prince Albert had died in 1861.

An "old timer" note design, one still "on active
service" when I began collecting, I liked its "look"
then, and still do today.

Another old "friend" is a large size reminder of
oidtime Canada, too. "Canada's first bank/' the
Bank of Montreal, released this Edwardian $20

02553

TWEMTrnaLidiKS

T HEY'RE SPORTING A
proud new sign at the
banking office closest to where
we live: "TD Canada Trust."

The bold, white-on-green sig-
nage perpetuates a Toronto-
Dominion Bank branch.

Toronto-Dominion itself dates
from 1955, from a "marriage of
equals" of the Bank of Toronto
(founded 1856) and the
Dominion Bank (1869), two of
Canada's "final ten" note issu-
ing chartered banks. None of
which, however, suggests that the new institution
might wish to be considered "the bank where time
once stood still."

"If it works, don't fix it" On, one assumes, that
venerable principle, mid-Victorian bank note
designs were retained by the Bank of Toronto . . ,
right through
to the discon-
tinuation of
such bank cur-
rency during
World War E
T h e
wood-burning
locomotive
chugging
across the
ornate face of
the distinctive
"Toronto" $20
much attract-

some 100 years ago. The author was privileged to
save the remarkable rarity from the furnace, and has
cherished it for almost half of its long life.

On our good days, we collectors preserve
History, and these two $20 s have been fine compan-
ions to this collector for a good long while.

128

cess. The Note Reporter ad has brought in about 10
members over several months. Should we offer book or ad
discounts for new members? Should we add 3-5 year mem-
bership deals?

Election Committee report. Bob Moon, substituting for
Election Chairman Tom Minerley^ reported that Bob
Cochram Gene Hessler, Tom Minerley, and Jamie Yakes
were elected. There were 153 ballots (154 last year).

Old Business

Election of Officers. The SPMC Board elects officers.
President Horstman said he would not run for re-election.
Nominations included Benny Bolin, president; Mark
Anderson, vice president; Bob Schreiner, secretary; and Bob
Moon, treasurer. All were elected. The new treasurer will
seek bonding, as required by the bylaws.

March/April 2006 • Whole No. 242 * PAPER MONEY

drop the project and offer the data to anyone on a non-
exclusive basis for the cost of copying the material. SPMC
retains the original material. Jacob has the material and
will send it to the library. Motion passed.

Awards. There are matters unresolved with respect to the
physical awards for the new awards. Did we ever decide
on a final design? What is the cost from Medallic Arts for
the proposed physical realization for the Founder's Award?
We recalled it was about $40-50 each in quantity 20, but
Reed will check. Reed and the head of the Awards
Committee will clarify this and other details. We also need
to determine tlie physical Awards of Merit. For the literary
awards (6 categories, first and second), Wolka suggested
something that can be used, such as clocks. The new mem-
ber recruitment award, Blanchard award, and best exhibit
in show are all physically the same. We intend to keep like
awards about the same across all awards.

Board resignation and appointment. Bob Moon
announced that he would resign as a Board member but
continue as treasurer. His resignation was accepted. Board
candidate Wes Duran was appointed to HIl Moon's remain-
ing term (2 years). Duran accepted.

Financial matters. There was discussion about adding a
second person as check signer. It was moved by Bolin and
seconded by Minerley tliat tlie secretary should be the sec-
ond signer. Motion passed. During the transition to the
new treasurer, Anderson will continue to write checks. We
also need an audit committee. New Board member Duran
noted that he is an experienced auditor. Anderson also
reported that he was working on establishing a more for-
mal financial arrangement with the publisher/ editor of
Paper Moaep. Anderson also produced a separate document
that outlined backup and redundancy procedures for criti-
cal documents such as financial records, Paper Monei/ files,
and membership records.

1929 Project — Arri Jacob. He raised again the issue of
dropping this project. Should we offer the material to
author(s) known to be working on this subject? A motion
was made by Schreiner, seconded by Cochran: SPMC will

Memberships as gifts. We discussed providing major
advertisers with bulk meniberships that they could use
with their customers. They would be for one year and then
renewable the usual way. We can start by giving 10. We
also discussed permitting auction houses and other third
parties to purchase bulk memberships as gifts to clients.
Both were already adopted as a part of the "Modest
Proposal." The former was moved by Anderson, seconded
by Schreiner. Motion passed.

New Business

Slabbing. President Horstman circulated examples of
slabbed (commercially graded and sealed) paper money.

Bylaws. Copies of the current bylaws were distributed to
Board members.

Other. There were calls for congratulations and honors for
outgoing President Horstman, incoming President Bolin,
and past President Clark, who now rotates off the Board.
Unanimously supported by the Board,

President Horstman adjourned the meeting at 11:00am. *1*

Where are the snows of yesteryear? the beardless portrait? the fakes?

From "Fractional Currency," a paper read by Henry Russell Drowne, Secretary at a meeting of the American
Numismatic ^Archaeological Society, published in the January 18S9 issue of Journal of NitmismaHcs:

. , The 50 <e Lincoln, engraved by Mr. Charles Burt, is generally regarded as the finest example of portraiture in
the entire line, and in fact is has been referred to as one of the finest engraved portraits of Lincoln. Two portraits
were engraved for this note; the first was without the beard and much better looking, but was condemned and
preference given to the later picture, which was considered more accurate. . . . The fractional currency unfortunate-
ly was largely counterfeited, and it was principally this fact that necessitated the frequent changes. , . , It is said that

counterfeits of the 50 C Lincoln, Fourth Issue, appeared
almost as soon as tlie genuine notes, and were so decep-
tive that the issue was abandoned, consequently but few
went into general circulation. In the last issues the silk-
mixed paper proved more efficacious, and counterfeits
were seldom seen." Ye olde Edifor has been searching
for these bogus Abes for inclusion in a book on die coins
and currency of Abraham Lincoln. Can you help? All
contributions can be confidential, if desired. <*

PAPER MONEY • March/April 2006 • Whole No. 242

129

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We strongly recoinmcnd that you send your material via US PS Registered
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130

March/April 2006 • Whole No. 242 • PAPER MONEY

Official Notice:

Nominations Open for SPMC Board

^HE FOLLOWING SPMC GOVERNORS' TERMS EXPIRE IN 2006:

Mark Anderson Ron Horstman

Bemiy Bolin Judith Murphy

If you have suggestions for candidates, or if die governors named above wish to run for
another term, please notify Nominations Chairman Tom Minerley, 3457 Galway Rd.,
Ballston Spa, NY 12020.

In addition, candidates may be placed on the ballot in the following manner: (1) A writ-
ten nominating petition, signed by 10 current members, is submitted; and (2) An acceptance
letter from the person being nominated is submitted with the petition. Nominating peti-
tions (and accompanying letters) must be received by the Nominations Chairman by March
15, 2006.

Biographies of the nominees and ballots (if necessary) for the election will be included in
the May /June 2003 issue of Paper Money. The ballots will be counted at Memphis and
announced at the SPMC general meeting held during the International Paper Money Show.

Any nominee, but especially first-time nominees, should send a portrait and brief biog-
raphy to the Editor for publication in Paper Money. ❖

BUYING AND SELLING
PAPER MONEY

U.S., All types

Thousands of Nationals, Large and
Small, Silver Certificates, U.S. Notes,
Gold Certificates, Treasury Notes,
Federal Reserve Notes, Fractional,
Continental. Colonial, Obsoletes,
Depression Scrip, Checks, Stocks, etc.

Foreign Notes from over 250 Countries
Paper Money Books and Supplies
Send us your Want List . . . or . . .

Ship your material for a fair offer

LOWELL C. HORWEDEL

P.O. BOX 2395
WEST LAFAYETTE. IN 47996

SPMC #2907 (765) 583-2748 ANA LM #1503

Fax: (765) 683-4584 e-mail:
lhorweclei@insightbb.com
we bs i te : ho rwed el s cu rre n cy . com

Upcoming Publishing Program

May /June 6 th U.S* National Bank Note Issue
Sept ember /October 2nd U*S. Small Size Notes Issue
J anuary /F eb niary 3 rd U* S . Obsolete Currency 1 ssue
Full Page rate $300 * Half Page rate $175
Ad Deadlines are
Mar, 15th National Currency
J uly 15th Small Size U*S. Currency

$$ money mart

DC AND BANK HlSTORiES WANTED. Collector seeks pub-
lished works for research. Alan Palm, 301 G St. SW-Apt. 201,
Washington, DC 20024; (202) 554-8976; e-mail
aspalm2n03(^Va hoo.com (244)

MASSEA/A, NEW YORK #6694 bank notes wanted, large or small
size, also obsolete and related materials to Massena banks. John
White, P.O. Box 3183, Spring Hill, FL 34606 (243)

POTSDAM, NEW rOJ?K #868 and #5228 bank notes wanted, large
and small size, also obsoletes and materials relating to Potsdam
banks, John White, P.O. Box 3183, Spring Hill, FL 34606 (243)

AUTHORS RECEIVE FREE CLASSIFIED AD. Authors in Paper
can reqnesl a free 3-Une ad. Write about your favorite note
and advertise for more at the same time. (PM)

PAPER MONEY * March/April 2006 • Whole No. 242

131

The

President’s

Prepping for Memphis

A s YOU READ THIS, WE WILL BE JUST A FEW
short months away from the biggest and
arguably best annual event in our hobby — the
International Paper Money Show in Memphis. June
16 to 18, the Memphis Coin Club will host their
paper money show that brings dealers and collec-
tors together from literally all over the country and
the world, as well. Besides a bourse loaded with
every kind of paper you could ever wish for, there
will be different society meetings, educational semi-
nars and symposiums, world class exhibits and a
major auction. The SPMC will hold its' annual
membership meeting as welL I really hope you
attend our meeting this year as our educational
speaker will be Donald Kagin speaking on the War
of 1812 notes which were featured in the recent
September /October issue* 1 encourage you to make
plans now to attend. If you have not been to a
Memphis show, it truly is a great experience and
one the entire hobby owes a debt of gratitude to the
Memphis Coin Club for providing.

As we go into the middle part of the year, I
encourage you all to do whatever you can to become
more involved in our hobby. The leadership of the
SPMC is always looking for willing and exuberant
volunteers to be a part of the hobby in ways other
than collecting. Think about being a candidate for
the board, serving on a committee, helping man our
table at our regional shows, etc* If you would like
to serve, let me or any of the board members/ offi-
cers know. We will have a presence at many of the
upcoming shows through our regional meeting pro-
gram and of course we will be in full force at
Memphis, I hope all you have a safe and healthy
spring and look forward to seeing many of you at
Memphis.

Benny

Take Note: i

SPMC now accepts commercial *
Money Mart ads. This means you
can economically sell your dupli- |
cates, or your collection; sell your |
book or your service. Make your |
check to SPMC and send ad NOW! I

— — — — — — — -ij

$$ money mart

IMPt'R MONEY will accept classified iidverlising on a basis of 15c per word
(minimum charge of $3.75), Cowinirirmif ^tnjrd fjrfs fire allowed.

Word count: Name Find address count as i\ve words, Alt other words
and abbreviations, figure combinations and initials count as separate words.
No check copies, !0% discount for four or more insertions of the same copy.

Authors are also offered a free three- line classified ad in recognition of
their contribution to the Society. These ads are denoted by (A) and are run
on a space available basts, ^pecrnt: Tltre^^ line issues = grrfy 520.50 .^

INTERNATIONAL ENGRAVER'S LINE, World engravers & their
work, 392 pages. 700 ill. most in color. $74 inci, post. Premium ed.
with signed notes $]40. Gene Hessler, PO Box 31144, Cincinnati.,
OH 45231 or eiigraversltne^aol.com (246)

BOOKS ON ILS. & FOREIGN PAPER MONEY, Securities,
Obsoletes, Bank Histories, Nationals. Small /Large Notes, etc. Lists
available. Sanford Durst. 106 Woodcleft Avenue. Freeport. NY
1 1520 Fax 516-867-3397 e-mail: sjdbooks@verizon.net (246)

BOOKS: OFFERING WISMER'S Obsolete NY $20; Pennsylvania
$12, Ohio $12. PennelTs N.C, $10. Bowen's Michigan Notes/Scrip
(HC) $45. Slabaugh's Confiiioote Sintes Paper Monep (updated Doug
Ball) $12 and many others. Write!! Add $3,00 postage /book.
Sanford Durst. 106 Woodcleft Avenue, Freeport. NY 11520 (246)

MEXICO BANKNOTES WANTED. Prior to 1915 with IMPRINT-
ED or AFFIXED revenue stamp on reverse. Bob Bergstrom. 1711
Driving Park Road. Wheaton. IL 60187 USA
boba n neS^'sbcgloba I . ne t (244 )

COLLECTOR NEEDS Annual Report of the Comptroller of the
Currency 1863 thru 1935. Ron Horstman. 5010 Timber Lane.
Gerald. MO 63037 (A)

WASHINGTON STATE NATIONALS WANTED. Seeking large-
size WA nationals from Aberdeen. Hoquiam. and Montesano.
Chris Flaat. cfIaal#msn,com. 425-706-6022 (244)

SHAWNEE AND KINGFISHER Oklahoma Nationals wanted
ff999S and #6416 with George McKinnis signature. Large size
#9954 and #5328. Carl Cochrane. 12 Pheasant Dr., Asheville. NC
28803. e-maii cl cochrane#p rodigy.net (243)

KANSAS NBNs WANTED * Goodland #14163. Olathe #3720.
Pleasanton #8803. A.R. Sundell. Box 1192, Olathe. K5 66051 (246)

BAiVtC HISTORIES WANTED. Collector seeking published histo-
ries of banks which issued Obsoletes and/or Nationals. Also seek-
ing county /state/ regional banking histories. Bob Cochran. PO
Box 1085. Florissant. MO 63031 e-mail: spmdm69@cs,com (246)

LINCOLN PORTRAIT ITEMS. Collector desires bank notes, scrip,
checks, CDVs. engraved /lithographed ephemera, etc. with images
of Abraham Lincoln for book on same. Contact Fred Reed at P.O.
Box 118162, Carrollton, TX 7505T8162or freed3tfiJairmail,net (245)

WANTED. Canadian Chartered Bank Notes. Wendell Wolka, PO
Box 1211, Greenwood, Indiana 46142 (246)

WANTED. OBSOLETES AND NATIONALS from New London
County CT banks (Colchester, Jewett City. Mystic. New London.
Norwich, Pawcatuck. Stoning ton). Also 1732 notes by New
London Society United for Trade and Commerce and FNB of
Taboka Nationals #8597, David Hinkle, 215 Parkway North,
Waterford. CT 06385. ^ (249)

SHOW ME THE MONEYl Sinndnrd Cnfnlog of Motion Picture Prop
Mone^ (2005) by Fred Reed. 800 pages, S82.50 postpaid & you get
FREE Prop note. P.O.B. 118162. Carrollton, TX 75011-8162 ' (245)

WANTED RADARS, REPEATERS, low and fancy serials 1928-1963
also Large Size 8 digit radars and repeaters. Logan Talks. 14 Misty
Cove Ln., Hilton Head island, SC 29928 (243)

March/April 2006 • Whole No. 242 • PAPER MONEY

132

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The Collectors Guide to $1 FRN’s
Series 1963- 2003-A

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The book provides valuations and
detailed information on each of the 22
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are some of the details described in
the book: (1) Each series features a
summary that evaluates each block
printed and points out which blocks are
rare and virhich are common. (2) Check
List Feature lets you keep track of
what you have and what you need. (3)
Discusses Mules for several series and
other possible related discoveries. (4) Includes details for alt
engraving errors printed. (5) Gives many suggestions on how to
collect $1 FRN's. (6) Provides Values for Low & Fancy Numbers,
Solids and Ladders, (7) Breaks down all blocks printed in both
Washington and Fort Worth with the exact serial number ranges,
(B) Provides valuations for all District Sets and Type sets. (9)
Cross references printing runs to the month and year they were
printed at the BEP. (10) Provides a listing of the top ten rarest
stars and non^stars blocks printed. (11) Asks collectors to send
additional information and new discoveries. The Book is almost
200 pages and has a soft glossy colored cover To Order a book
send a check or money order for $30 (S & H included) to:

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MYLAR CURRENCY HOLDERS
PRICED AS FOLLOWS
BANK NOTE AND CHECK HOLDERS

SIZE

INCHES

100

500

1000

Fraclional

4-3/4'^ X 2-1/4"

$20.50

$37.00

$165.00

$290.00

Colonial

5-1/2" X 3-1/16"

$21.00

£38.50

$175.00

$320.00

Small Currency

6-5/6" X2-7/B"

$21.50

S41.00

$182,00

$340.00

Large Currency

7-7/B-x 3-1/2"

$24.00

S45.00

$200,00

$375.00

Auction

$26 50

$48.00

$235.00

$410.00

Foreign Currency

BxS

$30.00

S55.00

$250.00

$440.00

Checks

9-5/S X 4-1/4“ $30.00 $55.00

SHEET HOLDERS

$250.00

$440.00

SIZE

Obsolete Sheet

INCHES

100

250

End Open
National Sheet

a-3/4"x 14-1/2"

$18.00

$80.00

$140.00

$325.00

Side Open

Slock Certifioate

8-1/2" X 17-1/2"

$19.00

$85.00

$150.00

$345.00

End Open

Map & Bond Size

94/2"x 12-1/2"

$17.50

$75.00

$135.00

$315.00

End Open

ia"x24"

$70.00

$315.00

$570.00

SI 295.00

You may assort note holders for bssl price (min. 50 pcs. one size). You
may assort sheet holders for best price (min. 5 pcs. one size) (min. 10
pcs. total).

SHIPPING IN THE U.S. (PARCEL POST) FREE OF CHARGE

Mylar D® is a Registered Trademark of the Dupont Corporation. This also
applies to uncoated archival quality Mylar® Type D by the Dupont Corp.
or the equivalent material by ICI Industries Corp. Meline?^ Type 516.

DENLY'S OF BOSTON

P.O. Box 51010, Boston, MA 02205 - 617-482-8477
ORDERS ONLY: 800-HI-DENLY - FAX 617-357-8163

MACERATED MONEY

Wanted information on U.S. Chopped up Money.

RARE, FREE MASCERATED POSTCARD FOR USEFUL INFORMATION
Who made the items, where sold, and anything of interest.

Also I am a buyer of these items. Top Prices paid.

Bertram M. Cohen, 169 Marlborough St., Boston, MA 02116-1830

E-mail: Marblebert@aol.com

PAPER MONEY • March/April 2006 • Whole No. 242

133

THE PAPER COLUMN

by Peter Hun toon

William Donlon Scrip

ment park in Utica, NY. His dealing career began in 1958
upon his retirement from his business.

George Warner, a dealer from Sheridan Wyoming,
who specialises in MFC, fractional currency and small size
type notes, obtained the interesting advertising piece pro-
duced by Donlon shown here. It was included as part of an
MFC collection that George purchased in 2004.

On the face is a red rubber stamped facsimile of
Donlon's signature. On the back, overprinted in black ink

UE^Cfl JPimWS— /UjUSTRATiiJWS

HEWITT- DONLON CATALOG

UNITED STATES SMALL SIZE
PAPER MONEY

HiHllirii I' tliinliui

Rln lliLH] k) .\-V. iwl tkoi

VALUATIONS* UKSUKlin iONS > ILLUSTH ATIf iNf

T he name william p. donlon in

THE 1960s AND 1970s was synonymous
with the sale of high grade, mostly large size
type notes. His catalogs United States Large
Size Paper Moneij and United States SnuiU Size
Paper Moneif coupled with his several auction
catalogs are now part of our classic literature.

Donlon was an "'old timer" who was one
of the few people actually present at all seven
of the famous Albert A. Grinned sales held
from 1944 to 1946.

He purchased and
subsequently held
many of the spectac-
ular notes in that
sale.

The depth of his
holdings was
revealed when he
offered the major
part of his remain-
ing collection for
auction in 1971.

That sale was partic-
ularly rich in
National Bank
Notes and large size
Federal t^’^pe notes.

Mr. Donlon was
a collector turned
dealer. His primary occupation
was that of owner of an amuse-

Above: Photo of William P. Donlon
from his May 22, 1971, auction cata-
log where he offered a major seg-
ment of his collection.

f9"9

SIXTH KIHtIttX

os: I V I M I ll>

UNITED STATES
LARGE SIZE
PAPER MONEY
1861 to 1823

In nine lines, is : "MADE IN JAPAN

but redeemable only in
UTICA, NEW YORK, U. S. A
This interesting bit of World War II
Paper Money will be accepted by
WILLIAM P. DONLON
UTICA, N. Y 13503
on or before November 30, 1967 for
ONE DOLLAR IN TRADE."

March/Apnl 2006 • Whole No. 242 • PAPER MONEY

134-

On This Date in Paper Money History

By Fred Reed ®

M3r. t

1781, Ratificatiofi of Articles of Confederation pledges U S. lo honor prior bills of
credit issued by Congress; 1870, Florida authorizes issue of posUwar state notes;
1984, American Bank Note Holographies publishes American Eagle hologram;

Mar. 2

1861, Congress aulhorizes 60-day interest bearing notes {FR 195b-d), two-year
interest bearing notes [FR 202a-d). and three-year interest bearing notes [FR 207-
211): 1863, Treasurer Francis Spinner turns overS868 turned in by repentant thief;
Mar. 3

1811, First Bank of the United Stales ceases operations; 1862, CSA Senator IWr.
Johnson introduced a bill {S. 9) to make Treasury Notes a legal tender; 1863,
Congress authorizes Treasury to issue Gofd Ceftificales to 120% of actual deposits;
Mar. 4

1836, Third Bank of the United Slates opens; 1909, Feds ban all private scrip note
circulation: 1921^ Andrew W. Mellon takes office as Treasury Secretary: 1991,
FmnQsaf Failure and Confederate Defeat by Dr. Douglas 8. Ball copyrighted;

Mar. 5

1784, Thomas Jefferson outlines his proposal for a dollar Money Unit; 1795,
Louisiana Governor Andre Bienvenu Roman, who appears on famous Citizens Bank
of Louisiana SlO DIX note, born: 1933, Beginning of Woodin- Woods tenure;

Ware

1829, Samuel Ingham lakes office as Treasury Secretary; 1933, National Bank
Holiday closes banks for 4 days; 1999, Rick Poll premieres on screen as
Mar. 7

1871, First Wyoming National Bank chartered (FNfl Cheyenne #1800):t933t
ABNCo delivers emergency scrip to the NY Clearing House; 1990, American
Teleprocessing Corp. terminates agreement to host FACTS network;

Mar 3

1665, Comptroller of Currency McCulloch leaves office; 1933, Pismo Beach, CA
pharmacist circulates clam shell curren-
cy; 1982, Writer Ted Hammer dies;

Mar 9

1786, NYS Legislature receives petition
signed "A Citizen" re. depreciation of
paper money; 1861^ CSA Congress
aulhorizes issue of S1 million interest
bearing Treasury Notes S50 and up;

Mar 10

1818, CSA Secretary of War George W, Randolph, who appears on Confederate
Sl00s, bom; 1870, Collector-philanthropist Archer M. Huntington born; 1947, Series
471 MFCs issued;

Mar 11

1867, First Idaho National Bank (FNE of Idaho, Boise #1668) chartered; 1898,
Union general and Register of Treasury William S. Rosecrans dies; 2001, Former
Treasury Secretary Lawrence Summers announced as Harvard President:

Mar. 12

1866, North Carolina Act fixes deprecralion tables for CSA currency; 1996, Thriller
Bad Money [a.k.a. Crash) makes video debut;

Mar 13

1861, Initial mention of a counterfeit southern note In the Charleston Courier; 1933,
Federal Reserve Banks reopen signalling end of FDR’s "Bank Holiday’'; 1979,
European Economic Community begins operating European Monetary System;

Mar 14

1853t Ohio legislature aulhorizes slate treasurer to seize all assets of tax delinquent
banks; 1900, Congress repeals authorization for Currency Certificates of Deposit;
Mar 15

1837, Daniel Webster says "He who tampers with the currency robs labor of its
bread”: 1873, Cashier of the U.S. Treasury at New York refuses to redeem SI 00
greemback for specie: 1985, Milt Friedberg publishes Index of Fractional Cmeocf;

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Mar, 16

1785, Final emission of PA Colonial noles: 1861, Francis E. Spinner takes office as
Treasurer 1963, New Jersey oolleclor Hiram Deats dies; 1999, Parker Brothers
unveils first new Monopoly game marker in 40 years in shape of money bag:

Mar, 17

1782, PA Legislature makes counterfeiting bank noles a crime; 1898, Register of
Treasury Blanche K. Bruce dies; 2004, Canada introduces new $100 bill;

Mar 18

39, Roman Emperor Caligula abolishes sales taxes: 1863, Supsciiption books open
on CSA ErJanger loan; 1981, Paper Money by Adam Smith {pseudonym of George
J.W. Goodman) copyrighted; 2005, SPMC member Herb Schingoelhe dies;

Mar 19

1831, First recorded bank robbery relieves City Bank in NYC of $245,000; 1900,
Encased stamp inventor John Gault dies; 1941, Treasury Order 39 establishes War
Finance Division, forerunner of Savings Bond Program;

Mar. 20

1794, President Washington signs Act OKing $1 million loan; 1862, London Daily
Hews editorializes againsl Confederate loan sales in England; 1968, President
Lyndon B, Johnson signs legislation removing gold backing from U.S. currency;

Mar 21

1886, British North Borneo Co. issues dollar-denominated paper money; 1973, Last
delivery 1969A $20 FRNs; 1979, Wismer researcher for Smithsonian appointed;

Mar. 22

1783, Pennsylvania Assembly issues interest-bearing notes backed by land and sti-
ver plate; 1832, Roger Sherman memorializes Hon. Elisha Phelps, Connecticut
Controller of Public Accounts, to curb wild-cat banking: 2004, USPS Manager of
Licensing Patricia York estimates 6 million “serious numismatists;”

Mar 23

1861, CSA Treasury Secretary Memminger appoints Gazaway B, Lamar agent in

NYC; 1078, Register of Treasury John
Allison dies; 2005, Schingoelhe Sale,
part 2;

Mar 24

1720, Paris banks close in wake of
"Mississippi Buble" fiasco: 1875,
Tennessee Legislature passes Act to
issue state Treasury Notes to redeem
Bank of Tennessee circulation; 1962, John 0”Hara's short story "Money" published
rt The Hew Yorker:

Mar 25

1957, Treaty of Rome creates original European Economic Community: Benelux,
France, Germany and Italy; 1964, Treasury Secretary C. Douglas Dillon announces
Silver Certificates no longer redeemable in silver dollars, only bullion; 1996, Federal
Reserve begins shipping newly redesigned $100 FRNs lo commercial banks:

Mar. 26

1861, Banknote designer John Murdoch patents large horizontal numeral lo prevent
counterfeiting: 2004, ANA phone cards show Series 1929 $5 note: 2004, Guidebook
of U.S. Currency: Large Size. Small Size. Fractional by Ken Bressett copyrighted:
Mar, 27

1306, Robert the Bruce, who appears on Scots banknotes, declares himself King of
Scotland; 1088, Banknote designer and engraver Felix O.C. Darley dies;

Mar 2B

1865, first delivery of $1 and $2 First Charter NBNs lo Comptroller of Currency for
issuance lo banks; 1969, Lester Merkins holds Blaise J, Oantone auction:

Mar 29

1830, Senate Finance Committee reports favorably on a unKbrm national currency
for tbe United States; 1834, Sank of Maryland defaults, doses doors;

Mar. 30

1868, Former Treasury Secretary Salmon Chase presides over impeachment trial of
Andrew Johnson; 1916, Longtime ANA Treasurer William Henderson bom;

Mar. 31

1B21t Banknote engraver Frederick Grrsch born; 1840, Congress aulhorizes one-
year interest-bearing notes $50 and up: 1850, Johr\ C. Calhoun, who appears on
Confederate/southem stales notes, dies: 1885, Tennessee Legislature passes third
Act to retire Bank of Tennessee notes; 1922, President Warren G Harding cleans
house at BEP firing 29 lop employees including Director and chief engraver;

PAPER MONEY • March/Aprit 2006 • Whole No. 242

135

WANTED

AUTOGRAPHS

Original signatures of famous histori-
cal people on • currency • letters •

• photos • documents • checks*

SERIOUS BUYER!

“PAYING TOP DOLLAR’
ERROR CURRENCY

LOW SERIAL & SOLID NUMBER
SMALL SIZE NOTES
SEND FOR OUR FREE PRICE LIST

RAY ANTHONY

P.O. Box 9307
Portland OR 97207

(503) 223-1116

ANA LIFE MEMBER 2247
MEMBER MANUSCRIPT SOCIETY
PROFESSIONAL AUTOGRAPH
DEALERS ASSOCIATION

- U.S. CURRENCY ^

Is Buying

Everything

“Still Paying Top Dollar for Rare Confederate”

U.S. Type, Obsoletes,
Nationals, and
of course, Santa Notes

404 - 229-7184

U.S. CURRENCY

‘'4m

W " Box 631250. Irving, TX 75063
. Robenson> owner

C/a

n For The Paper

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March/April 2006 • Whole No. 242 • PAPER MONEY

136

On This Date in Paper Money History -- April 2006

By Fred Reed ®

Apr. i

1818, U.S. Treasurer William C, Price born; 1879, date printed on U S. $10
Refunding Certificates; 1922, Engraver Louis A. Hit! becomes BEP Director; 1976,
George W. Ball and Douglas B. Baii estabiish MASCA;

Apr. 2

ISeit CSA $100 and S5O0 note sheets arrive at Montgomery from Nationai Bank
Note Co., NYC; 1914, Federal Reserve announces plans to establish 12 districts;
2005, Secret Service nabs Texas man in OKC for Ft. Worth BEP theft case;

Apr. 3

1729, Benjam Franklin publishes A Modest Enquiry into the Nature snd Necessity of
Paper Currency, 1859, Daniel Decatur Emmett composes "Dixie," beiteved tracing
to the famous Dix note; 1862, New Orleans cafe owner John B. Schiiier issues 25-
and 50-cent scnp payable in Confederate currency;

Apr. 4

1841, U.S. general and President William Henry Harrison, who appears on many
Indiana state banknotes, dies; 1862, Manchester. VA postmaster E. Mattheiivs
begins issuing fractional scrip; 1864, Initial delivery of $50 First Charter National
Currency to Comptroiier of Currency for issuance to banks; 1988, A Guide and
Gheckiist of World Notgeld by Courtney L. Coffrng copyrighted:

Apr, 5

1830, CSA currency schoiar Raphael P, Thian bom; 1935, United Artists reieases
Britcom Bre^vsfer's MMons in U.S.; 1991, Museum founder Wiiliam R. Higgins Jr.
dies; 2005, Ohio National Currency Coliectors Associalion (ON CCA) formed;

Apr 6

1863, CSA notes' sixth issue; 1864, House debates establishing of National
Currency Bureau as part of the iegislation on providing for Nationai Currency: 1979,
Seymour Berry’s tenure as BEP Director ends;

Apr 7

1864, James Gaiiatin, Esq. Reports to New York State Committee on Banks on fed-
eral government funding of loans; 1898, Baitimore coin/currency deafer George W.
Massamore dies; 1993, Robert Redford offers Woody HarreEson SI million for the
company of Demi Moore;

Apr. 3

1814, first banknotes delivered to Netheriands Bank: 1869, Title Amencan Joumai
of Numismatics and Bufietin of the ANAS adapted, 1977, New York City Playboy
Club ends redemption of its $2 "Bunny Money;''

Apr. 9

1626, British essayist Francis Bacon, who wrote "money Is like muck, not good
except it be spread," dies: 1865, CSA notes sink to 1.6 cents to dollar; 1924, Former
Comptroller of Currency Charles G. Dawes recommends plan for WWl reparations;
Apr 10

1804, Louisiana Governor Thomas 0. Moore, who appears on notes of his state,
boim; 1862, CSA Senate Finance Committee reports favorably bill to issue notes of
$1.50, S2 . 50, $3. 50 a nd $4 .50 denominations:

Apr 11

1778, Torktown" Continental Currency (FR CC71-78) bears this printed date: 1864,
Treasury Secretary Chase suggests to Wm. P. Fessenden tht central government
should tax notes issued under state authority; 1980, Treasury delays sending out $3
billion in tax refund checks to avoid "bulge” in Money Supply statistics;

Apr. 12

1697, British House of Commons hears pleas for unpaid tallies from county clerks;
1862, Sam Upham's first "Mementoes of the Rebeitlor" CSA note facsimiles ad in
Harper's Weekly: 1902, Congress creates Third Charter Period:

Apr. 13

1743t coin and currency subject Thomas Jefferson (FR 42-60) born; 1772,
Reformed German church of New York holds lottery to raise 600 pounds New York
Cumency to discharge remaining church debts; 1976, Bicentennial Series 1976 $2
Federal Reserve Notes released to public on Jefferson's birthday:

Apr 14

1865, Receiver appointed for FNB of Attica, NY, first NB to fail; 1871, Canada's
Uniform Currency Act receives royal assent, effective July 1st next; 1959, An
Economic History of the U.S. by Gilbert C. Fite and Jim E, Reese copyrighted;

Apr, 15

1803. Ohio legislature authorizes first bank, the Miami Exporting Co.;1920, Montagu
Collet Norman elected Governor of Bank of England; 1987, Dealer and small size
paper money author Lee F. Hewitt dies; 2000, MFC Gram commences;

Apr. 16

1915, Rl Senator Nelson Adrich, co-author of Aldrich-Vreeland currency act, dies:
1941, Bank of England Prexy Sir Josiah Stamp, who said "Banking was conceived
in iniquity, and born in sin, ' dies; 1993, New Zealand demonetizes $1/ $2 notes;

Apr 17

1876, Printing of Fifth Issue FC completed: 1970, Lester Merkin sells Josiah Lilly's
encased postage stamp collection, 1999, Inventing the American Past: the Arf of
[banknote illustrator] F.O.C. Darfey exhibition opens at New York Public Library;

Apr 18

1775, Colonial paper money engraverfprinter Paul Reveres "midnight ride"; 1786,
Bank of NY emits four pound notes: 1944, Allies transfer to Soviet Union plates,
inks, paper and specimen AMC to supply their troops for occupation;

Apr W

1764, English Parliament bans American colonists from issuing paper money; 1824,
British poet Lord Byron, who said 'ready money Is Aladdin's lamp", dies; 1887,
Canada Bank Note Compnay employs G.F.C. "Fred" Smillie: 1978, The United
Slates Treasury, a Pidorfai History by Gene and Clare Gurney copyrighted;

Apr. 20

1864, Anthony Berger lakes photo of Lincoln engraved for SO-cenl fraclionals (FR
1374) by Charles Burl; 1876, Paper money reaches par with silver coins in the U.S.:
Apr 21

1891, End of Rosecrans-Huslon combined tenure as Register and Treasurer: 1986,
Dr. Richard Doty becomes Numismatic Curator at Smithsoniarr Institution;

Apr 22

1899, Lincoln currency, and portraits exhibited at New York's GroJier Club; 198 5,
Christies sale of the Norweb family collection of Canadian paper money: 1999,
Earth Day commemorated on "Antarctica Overseas Exchange Office LTD" $1 note:
Apr 23

1564, Traditional date of birth of English playwright William Shakespeare, who is
honored on Bank of England and NY obsolete notes; 1918, Congress authorizes
small denomination FRBNs; 1901t Treasures of Mechanicai Music by Paper Money
columnist Dave Bowers copyrighted:

Apr 24

1872, John Jay Knox begins tenure as Comptroller: 1917, Congress passes First
Liberty Bond Act: 1964, Jewel Tea Co. issues ill-fated paper scrip:

Apr. 25

1972, BNR Managing Editor David Kranz born; 1987, BEP's Fort Worth printing
plant construction begins; 1992, Newark, NJ Museum hosts numismatic conference
Apr. 26

1861, New York Wodd reports seizure day previous of 18 CSA printing plates at
American Bank Note Co. and the Montgomery Plates at National Bank Note Co.;
1991, ORicial opening for BEP western currency plant at Ft. Worth:

Apr 27

1791, inventor Samuel F.B, Morse (FR 247-248) bom; 1863, CSA authorizes notes
less than $1; 1911, U.S. Treasurer Elizabeth Rudel Smith bom;

Apr. 28,

1863, Isaac Rehn patents bank notes produced by engraving and photolithography
as counterfeit deterrent; 1880, William Gladstone becomes British Chancellor of the
Exchequer for a fourth time: 1993, paper money researcher Walter Breen dies;

Apr 29

1858, Seven firms unite to form ABNCo. with Charles Toppan as President: 1985,
National Bank Notes: a Guide with Prices 2nd ed by Don C, Kelly published;

Apr 30

1789, most popular U.S. paper money subject, George Washington sworn in as
Nation's first Presideni; 1863, CSA Congress adopts Great Seal of the Confederacy
displayed on Series 1864 $500 notes (Criswell T-74): 1894, Jacob S. Coxey's
"army'* march on Washington demanding issue of 500 million greenbacks; <*

PAPER MONEY • March/April 2006 • Whole No. 242

137

BUYING AND SELLING
PAPER MONEY

U.S.. All types

Thousands of Nationals, Large and
Small, Silver Certificates, U.S. Notes,
Gold Certificates, Treasury Notes,
Federal Reserve Notes. Fractional,
Continental, Colonial, Obsoletes,
Depression Scrip, Checks, Stocks, etc.

Foreign Notes from over 250 Countries
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LOWELL C. HORWEDEL

P.O. BOX 2395

WEST LAFAYETTE, IN 47996

SPMC #2907 (765) 583-2748 ANA LM #1 503

Fax; (765) 583-4534 e-mail:
lhorwedeJ@instghtbb,com
website: horwedelscurrency.com

Always Wanted

Monmouth County, New Jersey
Obsoletes - Nationals - Scrip
Histories and Memorabilia

A lien hurst - Allentown - Asbury Park - Atlantic Highlands - Bclmar
Bradley Beach — Eatontown - Englishtown - Freehold — Howell
Keansburg - Kcyport - Long Branch - Manasquan - Matawan
Atiddictown - Ocean Grove - Red Bank - Sea Bright ^ Spring Lake

N.B. Buckman

P.O, Box 6o8, Ocean Grove, NJ 07756
800-533-6163 Fax: 732-282-2525

New Hampshire Notes

Wanted: Obsolete currency,
National Bank notes,
other items relating
to New Hampshire paper money
from the earliest days onward.

Dave Bowers

Box 539

Wolfeboro Falls, NH 03896
e-mail: qdbarchive(@metrocast.net

r 1

I Buying & Selling

jAII Choice to Gem CU Fractional Currency

I Paying Over Bid

I Please Call:

1 314-878-3564

I ROB’S COINS & CURRENCY

I P.O. Box 6099

I St. Louis, MO 63017

-1

138

March/April 2006 • Whole No. 242 • PAPER MONEY

The Rosetta Stone
of Sam Upham

By George B. Tremmel

Sam Upham

S tudents and collectors of confederate currency

are well aware of the history of Samuel C. Upham (1819"1885}, of
Philadelphia, He was the noted producer of wartime facsimile
"souvenirs"' which were often used as counterfeits of Confederate
currency and local shinplasters. From early 1862 until late 1863, Upham pro-
duced at least 15 million dollars of spurious notes. His notes were saved as
mementos, passed by the unscrupulous, accepted by the unsuspecting, and
condemned by the Confederate govermnent. After the war, Upham" s notes
found their way into the hands of collectors of Confederate paper money.
Today they are a prized part of any collection of counterfeit Confederate cur-
rency.

Many of Upham's creations were printed with a line of advertising that
included his name and address. Placed in the bottom margin of his notes,
the imprints were printed in large or small and italic or block lettering, and
contained the following wording:

"Fac-Simile Confederate Note - Sold Wholesale and Retail, By S*C Upham, 403
Chestnut St. Philadelphia," or

"Fac-Simile Rebel Shinplaster- Sold Wholesale and Retail, By S,C Upham, 403
Chestnut St. Philadelphia/"

Recognizing that some of his customers were using his creations to
fraudulently purchase cotton and other goods in the South, Upham began
offering his notes without margin imprints. Further responding to the evolv-
ing demands of his customers, Upham also offered notes with the signature

Safnuel C, Upham

Upham^s notes were saved as mementoSf passed
by the unscrupulous, accepted by the unsuspect
ing, and condemned by the Confederate govern
ment

and serial number spaces left blank. So, when filled in by the note's purchas-
er, they would appear more like their genuine counterpart. Asa key part of
the supply chain of imitation Confederate currency, Upham was aware of
and, therefore, culpable in his customers' intent to deceive their recipients.
This is the point at which Sam Upham crossed the line from innocently mak-
ing wartime souvenirs to becoming an intentional counterfeiter,

Altribution Difficulties

Today, collectors of counterfeit Confederate currency face a difficult
task in positively attributing the origins of many spurious Confederate notes
to a specific counterfeiter. There are several reasons for tliis.

PAPER MONEY • March/April 2006 • Whole No. 242

139

George W. Wait Memorial
Research Prize Deadline
March 15th

See November/December issue
page 449 for Details
or contact the Editor for details

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140

Mafch/Aprll 2006 • Whole No. 242 • PAPER MONEY

Page 1

First with the exception of a single counterfeit shinplaster issued by
John Storey, another Philadelphian, Upham was the only producer who
sometimes placed his name on his notes. His competitors, like Winthrop
Hilton of New York and a variety of unidentified counterfeiters, produced
their imitations with margins left blank. To add to the confusion, Upham's
margin imprints were often cut off his notes to make them appear genuine.
So, the "paper trail" necessary for attribution of a specific note's origin was
lost. Further, Upham counterfeits also were copied by others. These second
generation facsimiles, or Upham "knock offs" were usually inferior in quali*
ty to Upham's notes and had no imprint - but, since they were copies of
Upham counterfeits, they add to the complexity of unraveling the identifica-
tion of the original producer.

To complicate attribution even further, counterfeit notes bearing mar-
gin imprints with no reference to a speciHc originator also exist. The word-
ing of these imprints state:

'Tac Simile Confederate Note/^ (no hyphen between ^Tad' and -'Simile'')

"Fac-Simile Confederate Note/' (hyphen between "Fac" and "Simile")

"Fac-Simile Rebel Shinplaster/'

JiJCmiOS-D,XjL,

Xrc^i

rAE-iiHivi ceirruiuif tpa wiCL.ajLi4 *«> tt l. ^

m-i*. iEt EDOrmtT ITIUTj Pi!V

and by S. 0. ^ CheMmt 81.

Page 2 (above); Page 3 (below)

TH K i ip" I tXTl'

ipCiviT^i iipw

rp( -fiiiiilf Kctf'.

Collectors have speculated that some of the notes with the non-specific
margin imprints were probably Upham products, especially for notes from
the same plate variety which also were known with full imprints.

Certainly, Upham could have originated tire plates with his full imprint
and later commissioned a subsequent printing of notes from those plates
with the non-specific imprint. Changing to the non-specific imprint might,
also, have been insisted on by his wholesale and retail distributors so that
their customers would buy from them rather Upham. While plausible possi-
bilities, no direct evidence exists that supports the conjecture that Upham
also originated notes with non-specific imprints.

As an aside, when Upham sold much of his retail operation to John J.
Kromer, in the fall of 1863, remnants of Upham's facsimile inventory were
included. Tliese notes were later used by Kromer as hand bills to advertise
his products, such as hair dye. Consequently, with Kromeris advertising on
their backs, these notes are linked to Upham - they include tlie CT-16/86C,
CT-20/141, CT-33/250, CT-36/278, CT-37/284A, CT-37/285 and CT-41 /316.

In any event, direct attribution of the non-specific imprinted notes to
Sam Upham has remained uncertain. This has now changed.

The Upham "Rosetta Stone"

On October 14, 2001, antiquarian and collector Ray Waltz of Limerick,
PA won Lot 62 in an auction by Kane Books of Pottstown, PA, Lot 62 pro-
vides the key to directly linking Sam Upham to numerous counterfeit notes
with the non-specific margin imprints.

The lot contains a portfolio of 25 notes given as a gift to publisher
George W. Childs with an inscription signed by Upham. George William
Childs (1829-1894) was a prominent American journalist, philanthropist and
publisher of the Philadelphia Public Ledger. Among his many accomplish-
ments, he wrote Recollections of General Grant, who was a personal friend.

As it exits today, the portfolio collection contains 25 specimens - 15 CSA

PAPER MONEY • March/April 2006 • Whole No. 242

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142

March/April 2006 • Whole No. 242 • PAPER MONEY

treasury notes and 10 local issue shinplasters. Upham^to-Childs notes
are glued on to 9 sheets of thick paper. Probably, the notes were given to
Childs loose in an envelope and later were pasted down. Also pasted on
the first sheet is Upham's handwritten inscription to Childs. Included
in tlie gift of the notes is a newspaper clipping entitled "'Notices of the
Press" which was part of an 1862 Upham advertisement for his facsimi
les.

As can be seen below, all of die Upham facsimiles retain their margin
imprints. Importantly, 19 of the 25 are the short non-specific variety. It
is these non-specific imprints and the notes on which they appear, clearly
attributed to Sam Upham, that now confirm him as their originator.
{Oddly, the $10 "Liberty, Shield and Eagle" CT-10, Upham's sec-
ond note, was not included in the portfolio.)

George W. Childs

Facsimile Notes Presented by
S.C. Upham to George W. Childs

Margin Imprint Imprint

Location

Fac Simile Confederate Note Left Margin

Fac-Simile Confederate Note Left Margin

CT-1S/132A Fac-Simile Confederate Note Left Margin

CT-19/137A Fac-Simile Confederate Note Left Margin

CT-22/152A Fac-Simile Confederate Note Right Margin

CT-33/250 Fac Simile Confederate Note Bottom Margin

CT-37/284A Fac Simile Confederate Note Bottom Margin

CT-42/334 Fac-Simile Confederate Note Left Margin

CT-25/168 Fac Simile Confederate Note Bottom Margin

CT33/250G Fac-Simile Confederate Note Left Margin

CT-31/245D1 Fac Simile Confederate Note Left Margin

Corp. of Rich. $1 Fac-Simile Rebel Shinplaster Left Margin

CT-44/339 Fac-Simile Confederate Note Left Margin

Camden Co. 25c Fac-Simile Rebel Shinplaster.,. Bottom Margin

(Full Upham Imprint)

Madison Co. $2 Fac-Simile Rebel Shinplaster... Bottom Margin

(Full Upham Imprint)

Corp. of Rich. $2 Fac-Simile Rebel Shinplaster Left Margin

Corp. of Winn. $1 Fac-Simile Rebel Shinplaster Left Margin

City of Rich. 25c Fac-Simile Rebel Shinplaster... Bottom Margin
(Full Upham Imprint)

Corp. of Winn. 15c Fac-Simile Rebel Shinplaster... Bottom Margin
(Full Upham Imprint)

Corp. of Chari. 15c Fac-Simile Rebel Shinplaster... Bottom Margin
(Full Upham Imprint)

Portfolio

Page

4
4

5
5

Page 4 (above); Page 5 (below)

CT-16/86C Fac Simile Confederate Note

CT-14/75D Fac-Simile Confederate Note

CT-20/141-1 Fac Si m il e Co nf ederate Note

No. 4 Exchange 5c Fac-Simile Rebel Shinplaster..

(Full Upham Imprint)

Corp. of Winn. 5c Fac-Simile Rebel Shinplaster

Bottom Margin
Left Margin
Bottom Margin
Bottom Margin

Left Margin

Observations and Findings

Some insights can be gleaned from the inscription and advertising
excerpts attached to the first page of the portfolio.

(1) The handwritten inscription pasted at the top states: "Geo. W.
Childs, Esq. With compliments of S.C Upham" Though undated, in all like-
lihood, Upham's presentation to Childs was made after the war, possibly
during the 1876 Centennial observance.

While Childs was the more prominent of tire two men, both shared a
common career as Philadelphia newspapermen and most likely knew each
other professionally. Both men also were involved the planning and prepa-
rations for the Philadelphia national birthday celebration. So, perhaps eleven

PAPER MONEY • March/April 2006 • Whole No. 242

143

MEMENTOS OF THE REBELLION.

®a-BEBEL NOTES, SBINPIASTEBS AND POSTAGE STAMPS.-®®

Till UQdertl|Deil bii Just publifH^d perfect rA^c^ijitiLii of tbo follawlof H«b«t llotdit
an ind Foitica Stamps, TrLlcb will ba foand euduua ai wall il idteruCiiif memeatoi uf

Sbl 1^1 Ilian
(ba Roballion.

years after Appomattox, Upham felt comfortable enough with his wartime
activities to claim "'credit" for them to a man who counted a president,
numerous important industrialists and many retired Union and Confederate
generals as his acquaintances.

(2) In 1862, Upham prepared a series of circulars or broadsides to
advertise his new business venture. The broadsides, titled "Mementos of the
Rebellion," listed Upham's facsimile offerings at the top followed by "testi-
momals" he called "Notices of the Press." While the "Notices" pasted in the
Childs portfolio was from the August broadside, it is very similar to the May
broadside shown in the illustration* The full broadside included four addi-
tional newspaper excerpts, that for some reason, Upham (or possibly
Childs), cut off before pasting the "Notices" to the portfolio page. The two
excerpts that remain, however, are worth a closer look*

The first, from the Philadelphia Evening Bulletin, begins with a reprint of
a Richmond (Daih/) Dispatch report vilifying Upham's facsimile of a five dol-
lar Confederate treasury note*

Since the Richmond paper Page 6

refers to newsboys selling the
facsimiles on the streets, the
note in question is likely one of
Upham's early products. The
$5 "Five Females" CT-31, his
first offering, is the most likely
candidate*

The second paragraph of
this excerpt takes a satirical
tone by identifying Upham as
the source of "these Valuable
notes." Interestingly, it refers
to Upham as a counterfeiter,
possibly before he truly
became one. Again, Upham's
earlier creations are men-
tioned* Most probably these
include the CT-31 and CT-10
facsimiles of Confederate trea-
sury notes and seven of the
local issue shinplasters listed
above. Also mentioned are
Upham's first three facsimile
postage stamps - the early five
and ten cent general issues
plus the five cent New Orleans
postmaster provisional.

Next, the LoiiisviUe
jottrnai observes that Samuel C.

Upham of Philadelphia was
selling Confederate currency
facsimiles as "mementos" for a
very "moderate rate." In an
attempt at humor, the journal
notes that Upham's "notes are
worth just as much as those
issued by Jeff Davis*"

Apparently other Kentucky
residents held a similar view.

During the war, the border
state of Kentucky was a major
center of Confederate counter-
feit production*

/A'

$10 At Hlolunoii^ Va<

$9 II 41 II l| «

10 Ooiit BLinplAAter, Uintd hy thm BaaIc of TeniieflaiA.

15 “ ** " OorpoTAttoa of WiuohAAtat, Va.

^ K <4 U H H

15 " 14 4- « Qhmilflitowii, «

5 « ** *t ** it Riohsiond, **

35 « « ** i< CAmdin, IT- O-

50 ^ **■ H *1 Mech^A SA^viogA Aai'd^ SavaahaIl, Oi.

10 OlAt Coilf«dOTAtA StAtttA of .^IAItIcA FOAllgQ StAIAp-

5 ii II U li II

5 ** PoAtAgA St Amp, lAAiiad by PoAtmAstAf At iTew OrltAiiA,

•^EETALL PBICa OW TKE HOTES AJfD IHllTFLlSTEBS, TWS CENTB EACH.

^ POSTAGE STAMPS, THHEB CERTS EACa

Afiuta inppltBd wtib tbi IfDTSS md S iH zfl^LAOTX&Ai il fS Hr IDOL vr tif Hr kboujAdd.

f OJi^AClX It it pir lOA, er 11 BO pir UiDtiiiDfL

OnB eieli nf iho aboro lad IhMag* Stampt, bbrI poat-piii! to Ritj

iddreifi, on tbi receipt of Firrr ceoti*

QHIOK SALBS ANB ZiAHGE PMOFITS.
irpwATdi of 80,000 of the lod PoHtig* Siampt bite been lotd during' ttm pail

fiHir week], am! tho ttf fi lUII for more. ^^^Ordere hf Hail lod Exfreii promptlj /iikd.

Add rue,

S. C7. HTPSLaJEME,

no. 4/09 cmnsTwoT btaut, fj

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-raiuaiLi^iiA 0Aafa»i«4fa Qii AU k. af tW Timmit hfartian*, lu aib

. . , , Had la lla aJifaa af

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mt iJia Baalhara C&aridanHj.' aavata^.' aa^a Uia Oi/ftitA. <]• vaN aiiaalad aaaniarlwlu mf aai !*« dallar UaarailaralB nalij^ rimaL
aB l« FAlladalflila, vAara agaa-Vafa ata aaltlaf thua al ftaa aaala a plaa^ Ttia aata la aaB aaliaUipJ la daaali^ aad la >aartj
•taif fanlaalar la a roa^l^lla af 1I4 artflaal* Wa aaatlaa p* T P*^ taaalalaf iVli ^aa*^ u Va ainaillatl^ aaiahil, a* ihara b i*a haaaa
*r liaawinf I* wtai atlral kavt Vtaa aliralataU.'

”Tha *Tagka# ScaotmiraF *Ka baa aaaataHiiTiad ibaaa ftifaaLTa Bold L Hr. 3* O. UpVan, tdl drHtaut SinaL
IN baa tweed rae^dmirae ef mn at rabal tbrapIiaNn B»d in* deMwIutlui of chvtr miAm, lla bat alw baetd tiad
fop^H of nbal malaoe ataape of ibna kladt, Iba Ira tad laa aevl aauaaa bsaad br iba Caaf^nfinta Oaranmqal, aad tba Ira
‘ * " ... - lfati«i a*d beaHax bli atite- Ifr. Upban aiilli ibcta fM'«lieM«

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Mij cbaip, &et

iLap caruEml^brfaf la abb! la Iba odsiBBb an faraNp Rb^i4;ib.

ittrSAMirtL 0* VriuVt of PhnadalpbEa, BdatnUaea ibal ba viti Btd C^rtdaraia soNa a| attj pdna. \ra a| Int ib»gHi
tSil ba bid tabu aowa ikwm too ■ rtfj bad ddbL bgl It app«u« ba baa tranUd ^a-ilalln ef llm vhJdb ba dtipgAi*
of IB BaniDtoa. Tba rataa aFir«d bp Mk. ClMtiK an rarj EksdinM^ and tbI v« Bma all *be an apafaui I* ppmalata.
ibal hia UlbapBpbid t«Na an vaitb Jkit aa AXb at iluiBa' laagad b/ JaC EhrlA^-XmiiarnSr JbiradL

tflkll'e* of FiTk Bad Tut CeUara aaah, ba?a baoB Uaead bt A O* Upbao,
' ^ ' “ " . — ■ ' ' Ilf ef|Ba| Ea dial

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of iba sd^tBabi, urd tb» aotw an pwftel Aa-aEbllA of tbaaa prapond il tlnbaoBd. — - rAiTat/a/pAVri/afaiVirv

CoaripiiATk Weru* — Ws. & 0* Uriuiri^ 40t CbsUai Smai, Lm pablUbcd Ci»dArteaof iba §5 ted lid Coafadanta
Wel^ latead N SJabiaoed, vblak vlD ba aBif^iiaa an leog, wbaR iba nbaDln la crubed. Ifm. UrBAia''t ooica ai* m
ralaabta, va data nf, a# iba arlElBBla,«...i^iLa^a^ilB

A Q* UfflAH, Wo* 403 CbaalBal Blraal, Fbllad al pbla, pnbDtlm Taa-llDli lot of lha Cearedant* Slali ootn, wbtal an
t^mita iaumtlai ta iba a^rteca, — fi. T, TVobaiaa*

CtmfiJtraft jUeai^.^bfr. A Cl Upbau, 408 CbattoBl Sirtal, haa fM ael «i«ll»l faa aiiniln of lha |3 aad 310 oom
of ibt ^CoBftdcnia Slalta of ibAaricB,'* vblob bf aalll ai pdcn itcb cbnpBT ihaa Ibaj bnO;' liM WlcbinOinJ aaO Ma^phU-
Tbef tn OdliHt aad lalciulla^ aid Bill bacQoia AOro aa la Elm# adra nca.— iYk BmiUttm.

144

March/April 2006 • Whole No. 242 • PAPER MONEY

Page 7

Page 8

J^': , .

Page 9

lO^OTXOEJS *X*J=I.1D x^mnsss. ^

- KEHI^LtlOM HlailLV ISmaSr.^Kt.'— »v*\*ft* i Tw- rH*! *5>* r*’i*'**^*i

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IlkiiBonJ bh teftm. '■llie In*! iwl f+f«» Y4«M« - . imJiwI --. u.4 ■« fcofpiijii «t >■*&;■ I* J|i.:n .l;t lb*" I'jTi-eae/ *j

lltr l^dulhFTii ‘U i:i«ini4U»' itwf • t* Btlli ti.«oTt': : -^siiMrfrUi -rf t)T MU# tVtift.tifrtt.' Hfttf#, af

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pirTictlUr i» a of lb# ujHipioBb W# rAMtifXi thi* r hrf i" ' f'lroftUajIjf »• tbm’ i* u i ntripn ef

It wbnt ciUfi[ iber bov« tueu ciEruUtKl '

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■ rf ihftre bi^iJA' ‘bi? Avti anti ip-b i'oht UmoJ l»; thir p'linhilfnia aai tbe (l<< i , bi ■iiup icjl ujt )ij' J. tjjr

(upHtm^Pler tl Oi'ltviap, ami Imarinu LI? noum Mi l'| baui t-rht Lfa#»# Uo-mml’** #Fif dwap' but ihoj (ftiUinlj lirins ap. inii.-lt ■. iLii
itrigioal* ate w^tiIi fc-'rfiiiay flultrun.

i\.> m at. T- tfhii.iHn of I'hiltt'laljilila, a J 4 i' » tUt-p liitt Lf *1|1 i*ll :: i|r i j»; [.411 Li( tiCft i(i 4 i (m

Imd tftten aamC nf fboni fur a vtry ImuJ ilrtib Iml It «jjp4-jir* bi^La* iUfs™*!? ! I*?; ^.iiBitr^ Ibotn ahirU b' 'li'ivtttT L4t 4# nm'ikiL'J4b44 Tlipi
Till!* utftfffil by -Mhi L'l'iMUi are f ery Innili.T-iiie. amt yxt nr auvre a][ #bii it* ^nuion* la »|ir#'iiUle tlia* lii* liMi'’5Ta|i4ie't auTe- ^rt? wofiL
jiipt a* ibucL ap Ibate Ittue?! Lj ^cJl 1 U<L'.

Pfithit'a, .Iri'i I}.

The key finding in the "Rosetta Stone" is the direct linkage of Sam
Uphani to the origination of 19 notes with non-specific margin imprints.
This linkage includes notes with both varieties of imprints as well as those
with only the non-specific variety. This finding is important because earlier
opinions sometimes attributed these non-specific imprints to notes produced
by Winthrop Hilton, Upham's primary competitor.

Additional study of the portfolio's 15 Confederate treasury notes
shows that new Upham attribution information has emerged about four of
tlie notes. Two of the notes are now directly linked to Upham. Two others
are indirectly linked by being from the same plate as another variety that is
d i re c 1 1 y li nked . These note s are :

• CT-33/250: direct link.

• CT-39/290: direct link

• CT-25 /168: indirect link via CT-25 /168A.

• CT-33/250G: indirect link via CT-33/250F.

Finally, four notes on the portfolio are now known to have new non-
specific imprints in addition to the previously known full imprints. These
are:

• CT-13/ 56B: new non-specific imprint

• CT-16/86C: new non-specific imprint

• CT-22/ 152 A: non-specific imprint with new placement in the right

rather than the left margin.

• CT-31/245D1: new non-specific imprint.

While the Upham "Rosetta Stone" may be a minor discovery, in com-
parison to its historical namesake and predecessor, its contribution to unrav-
eling the history of counterfeit Confederate currency is significant nonetlie-
less. These findings will be incorporated into a second edition of my book
See pages following for several of the nine portfolio pages in color.
Acknowledgement

The author is indebted to Ray Waltz of Limerick PA for sharing his discovery
and its images.

Sources

Hughes, Brent. The Saga of Sam Upham ^'Yankee Scoundrel. “ Inman, SC: published by
the Author (1988).

Public Ledger, May 11, 1876.

Tremmd, George B. Counterfeit Currencij of the Confederate States of America. Jefferson,
NC: McFarland & Company (2003).

Upham, F. K, Upham Geueahgij, Albany, NY; Joe Mansell's & Sons (1892).

PAPER MONEY • March/April 2006 • Whole No. 242

145

;£j Jl

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^y<rA A -^ »* ^ Ir^. f. ••

Paper Money & Information Wanted

For research as well as collecting purposes I am interested in acquiring informa-
tion concerning state-chartered banks that operated in New England from the
17S0s to 1865 as well as other parts of the United States. I desire bank ledgers,
account books, correspondence with bank-note printing companies and engravers,
and other historical items, particularly in relation to paper money issued by these
banks.

Also wanted are stock certificates and paper money notes, all denominations from
#1 up. Further, 1 am interested in any paper money issued bearing the imprint of
National Banks in New Hampshire (my key focus of interest), Maine, and Vermont,
1864 to 1935. Dozens of National Banks issued paper money, some of which is
plentiful today, and others so rare that not a single example is known. For rari-
ties, the value can be considerable.

From any state I also desire anything and everything made by or concerning W.L.
Ormsby (flourished 1840s- 1860s), proof and specimen books from any and all bank-
note engraving firms, correspondence about bank notes, etc. There is no end to
the diversity of such items, and although IVe been collecting these for many years
(my RWH&E specimen broadside sheet was bought in 1955!), there is always some-
thing new coming up.

All responses will be appreciated.

Dave Bowers

Box 539

Wolfeboro Falls, NH 03896
e-mail: qdbarc hi ve{^;metr ocast.net

'/Y s

A.{ J

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WmiTE MOUNTAIN BANK

146

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PAPER MONEY • March/April 2006 • Whole No. 242

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DUE BV THE

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ONE DOLLAR,

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PAPER MONEY • March/April 2006 • Whole No. 242

149

THE PROFESSIONAL CURRENCY DEALERS ASSOCIATION

is the leading organization of OVER 100 DEALERS in Currencyy
Stocks and Bonds, Fiscal Documents and related paper items.

Hosc^ rhc annual National and World Paper Money Convention each fall in St. Louis, Missouri- Please visit our Web
SkCi pcdamiiine.com i for dates and locatioD.

Encourages public awareness and education regarding the hobby of Paper Money Collecting.

Sponsors the John Hickman National Currency Exhibit Award each June at the Memphis Paper Money Convention,
as well as Paper Money classes at the A.N.A.s Summer Seminar series.

Publishes several *"How to Collect” booklets regarding currency and related paper items. Availability of these booklets can
be found In the Membership Director)".

Members subscribe to a Code of Ethics regarding their dealing with customers.

Is a proud supporter of the Society of Paper Money Collectors.

To be assured of knoiviedgeabley professional and ethical dealings
when buying or selling cufTemyj look for dealers who
proudly display the PCD A emblem.

The Professional Currency Dealers Association

F&r a FREE copy of the PCD A Membership Directory Ihtmg names, addresses and speemiues of all memben, send your request toi

PCDA

James A. Simek - Secretary • P.O. Box 7157 • Westchester, IL 60154
(630)889-8207 • FAX (630) 889-1 130

Or Visit Our Web Site At: www.pcdaonUne.com

h>tp-

150

March/April 2006 • Whole No. 242 • PAPER MONEY

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March/April 2006 • Whole No. 242 • PAPER MONEY

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PAPER MONEY • March/April 2006 • Whole No, 242

153

j’WANTADS‘WORK"FORYOU'j

I SPMC Founding Fathers were a smart breed. They knew Collector-to-Collector I
I Want ads work. That's why they created "Money Mart" so they could place THEIR I
I WANT LISTS before the rest of the members of our Society •

I Up to 20 words plus your address in SIX BIG ISSUES only $20.50/year!!n * I

I ^ I

■ Additional charges apply for longer ads; see rates on page opposite Send payment with ad ■

j SPMCs Founding Fathers built some great paper money collections that way *
j Now YOU be a smart guy/gal too. Put out your want list in "Money Mart" j
I and see what great notes become part of your collecting future, too. |

I (Please Print) I

[_ ONLY $20.50 !_ ^ARJ!^ ! (wow ) _j

I “I

I Coming to a mailbox near you |
I SPMC’s BIG Second \

I Small Size Currency Special Issue \

I U.S. currency is in the news almost daily, I

with new designs, technology, countefeits, etc.

I If you’ve EVER wanted to write i
I for Paper Money, this is your chance ■

! Advertising will be at a premium .

jSpecial color aid spots available!

I 1

154

March/April 2006 • Whole No. 242 • PAPER MONEY

NEW

MEMBERS

MEMBERSHIP DIRECTOR

Frank Clark
RO. Box 117060
Carrollton, TX 75011

SFMC NEW MEMBERS - 09/17/2005

11051 Ahmad A. Alomari, 1940 Cedar Ave #6^ Long Beach,
CA 90806 (C & D, U.S. Large, Stars, & Errors), Website

11052 Becky Lynn (C), Tom Denly

11053 Joel Wildman, PO Box 4422, Sanford, FL 32772 (C
D, Obsoletes), Wendell Wolka

11054 Dr. John F, Ryan, 13 Texas Rd, Westford, MA 01886
(C), Tom Denly

11055 Charles Pevsner (C), Website

11056 George F. Miller (C), Tom Denly

11057 Roy B. Carlson (C), Website

11058 Paul Nichini (C & D), Website

11059 Keith A. Brown, 5653 SW 65 Ave, Miami, FL 33143
(C & D, U.S. Large & Small, Confederate), FUN

SPMC NEW MEMBERS - 11/02/2005
These members memberships expire on 12/ 31 / 2006

11060 Scott Casebolt (C), Tom Denly

11061 Maurizio (Mo) Rebellato, 323 S. Hudson St,
Westmont, IL 60559 (U,S. Small Size), Frank Clark

11062 John E Ware (C), Tom Denly

11063 Joel Cherry (C & D), ANA

11064 Gary Goodman (C). Tom Denly

11065 Jeff Martin (C), Tom Denly

11066 Jon Noblet, C/0 NCI, PO Box 307, Narragansett, RI
02882 (C, Obsoletes), Roland Rivet

11067 James R. Miller (C & D), Website

11068 Gary Ellis (C), Tom Denly

11069 A1 S troupe (C), Website

11070 H. William Beare Jr., PO Box 1, McNail, TX
78651 (C, Twos, World War 11 Emergency Notes),
Website

LIFE MEMBERSHIP

LM365 T.E. Terteling (C), Website

LM366 Chris Howard (C), Website

SPMC NEW MEMBERS - 12/09/2005
These members memberships expire on 12/31 / 2006

11071 Thomas Buda, 388 Lakeview Dr, Wyckoff, NJ 07481
(C, Manhattan Company, Chase Bank, Aaron Burr,
New York City Ephemera), BNR

11072 Nasim J. Fares (C), BNR

11073 Ron Shelton, PO Box 41465, Memphis, TN 38174-1465
(C, U.S. and World), BNR

11074 Fred Weinberg, 16311 Ventura Blvd Suite 1298,
Encino, CA 91436 (D), Bob Cochran

11075 Harry F. Frye (C), Arri Jacob

11076 Jack W. Jones, PO Box 502, Vienna, IL 62995-0502 (C
in D, Paper Money), Tom Denly

11077 Joe Smith, PO Box 364, Deer Park, TX 77536 (C, U.S.
Large), Gene Hessler

11078 Fred Hoagland (C), Ron Horstman

11079 George Hendricks (C), Arri Jacob

11080 Miller A. Welch Jn, 14306 Cypress Island Circle,
Palm Beach Gardens, FL 33410 (C, U.S., CSA,

Nationals, Colonial & Continental), Arri Jacob

11081 Brian Walker (C), Tom Denly

11082 J.R. Bleeker, PO Box 436, Portage, MI 49081-0436 (C),
Arri Jacob

SFMC NEW MEMBERS - 12/31/2005

11083 Ron LaSpisa, PO Box 2306, Norman, OK 73070-2306
(C & D, U.S. Small), Wendell Wolka

11084 Michael E. Sullivan, 4733 West 122nd Place, Crown
Point, IN 46307 (C, $1 Notes), Website

11085 David T refer, 205 Brighton Ave, Rochester, PA 15074
(C & D, Fractional), Website

11086 Sanford J. Durst, 106 Wooddeft Ave, Freeport, NY
11520 (C D, Books, Securities, Bank Histories,
Obsoletes), Fred Reed

11087 Bill Rush, 2275 Tyrone Rd, Westminster, MD 21158
(C), BNR

11088 Rod Alexander (C), Wendell Wolka

11089 Joe Stiles, 148 Holmes Ave, Macon, GA 31204 (C,
U.S., CSA and GA Paper Money), Website

1 1090 Ronn Palm, RD 3 Box 288 E. Brady Rd, Kittanning,
PA 16201 (C, Fractional), Tom Denly

11091 Dale Williams (D), Bob Cochran

11092 Chuck Armstrong (C), Website

11093 Ron Krueger (C),Bob Cochran

11094 Bob Walter (D), Bob Cochran

SPMC 6000 Honorees

(sponsors of at least 2 new members
since March 1 , 2004)

Bryn Korn
Tom Denly
Robert S. Neale
Frank Clark
judith Murphy
Wendell Wolka
Ron Horstman
Lowell Horwedel

Andrew Korn
Allen Mincho
Paul Burns
Bob Cochran
Arri jacob
Fred Reed
Rob Kravitz

Non-officer members who sponsor at
least two (2) new members will
receive free of charge a vintage BEP
or ABNCo souvenir card from the
Society as our thanks. You can quali-
fy for this reward too. Sign up your
friends today.

PAPER MONEY • March/April 2006 • Whole No. 242

155

Letters to the Editor

Dear Fred:

Re: Review of CoUecting Confedetate Paper Money: A
Complete and Fidly lUustrated Guide to AU Confederate Note
Types and Varieties by Pierre Fricke,

This hard bound fully illustrated 800-page book con-
tains both full color and enlarged black and white pictures
of each of the Criswell Type notes and also some color vari-
eties of some notes* The book contains much original infor-
mation from sources includmg the late Dr* Douglas]* Ball*

Many of the rare types have the known surviving serial
numbers as well as some condition census information.
Prices in several conditions are also included.

When we received the book we were amazed at the
valuable information contained within the pages of this
important reference. We could also tell that author Pierre
Frick spent countless hours in the production of this impor-
tant reference.

The book could be a "The Book of the Year" because of
the important information contained as well as the high
quality printing and pictures* It will be a must for all col-
lectors of Confederate States of America Notes. It takes up
a prominent location in our numismatic library.

— John and Nancy Wiison, Ocala, FL

Canadian Money Tracker

Hi Fred;

Region^ I often receive U.S. currency in payment for annual
dues. Most of these come to me in Australia from members
in both Chinas* However^ a member in Mauritius and
another in India also paid that way* Inspired by you, I will
now enter them before sending them on to the States. Adds
to tire fun!

Look forward to seeing you in Memphis, Cheers,

— Don Cleveland, IBNS Asst Sec.

Can a reader help?

Dear Fred,

1 just wanted to comment on the Sept /Oct issue of
Paper Money. Nice job! Reading the article on the Bank of
the United States, I remembered some notes 1 have that
might be interesting to readers in regard to the article. You
may have seen some or all of these at one time or another,
and wondered what building was shown.

1 think it is the Second Bank of the United States.
Someone told me that many years ago, but 1 could never
find pictures to compare so am still not sure* Enclosed are
copies of the notes* It looks like the building had been
added on to at different times and subsequently presented
on different denominations of bills of the Eagle Bank of
New Haven, CT in an ascending manner according to
denomination, $1, $2 and $5 (below). There are only three
renditions so far as I know.

Cheers!, — John Ferreri

Congratulations on your article on Where's George? I
too enjoy this pastime. In addition to the other sites you
mention which also track currenc)^ in circulation, T thought
you would like to know about Canadian Money Tracker
(www*cdn-money.com). The purpose of Canadian Money
Tracker is "to track notes as they circulate throughout the
country (and perhaps even the world}," according to its
web site, which has been running since 1999. The site also
has a forum. To date the database contains 943,309 notes
totalling $ 15,218,638*

-regards, Leslie Dcerderf

A George far afield

Hi Fred,

Really enjoyed your article in the Paper Money SPMC
magazine about Wheresgeorge.com. I have only received
one note marked with the web page. I got it in change in
Samarkand in Uzbekistan in 2002! As 1 recall, in those days
a banknote from a foreign source could not be entered in
the database, so, even though I live in Australia, I submit-
ted it with my previous Oregon address /zip number and
mentioned Uzbekistan in the comments. Later I sent it to
my grandson in Arkansas with instructions to spend it.
Don't know if he did or not. It never reappeared again.

As the IBNS Assistant Secretary for the Asia-Pacific

156

MarcIVApril 2006 • Whole No. 242 • PAPER MONEY

SPMC members meet & greet at FUN;
Remember late dealer Leo May

By Mark

T he Society held its traditional membership meeting on
Saturday morning at FUH ^nd despite a small delay in
the delivery of the scrumptious bagels, doughnuts, and cof-
fee, held a fun and informative meeting. Collector and for“
mer SPMC Governor and multiple office-holder Wendell
Wolka opened the meeting, and briefed the attendees as to
recent activities at tlie SPMC.

He noted continued progress on membership growth,
the organization's sound financial footing, and the
improvements in the magazine. The Society has announced
its plans to continue the specialty issues of the magazine
and voted in St. Louis to introduce a 16- page color section
in the magazine. This major improvement begins with the
present issue.

Wendell then went onto introduce Judith Murphy,
Regional Meeting Chairperson. She briefed the member-
ship on recent and upcoming regional meetings, noting that
reception at the Blue Ridge show to the new Pierre Fricke
book on Confederate Currency and its author's talk was
well received.

Upcoming meetings, both tentative and fixed, were
highlighted, and Judith encouraged anyone interested in
hosting a regional meeting to please do so and look to her
and other officers for any help needed to
''spread the w'ord." She noted that the SPMC
website [www. SPMC.org] is kept up-to-date
with respect to scheduled meetings and show
participation.

Since I had recently hosted our meeting at
Baltimore in December, I provided some obser-
vations on the areas of interest for some of
attendees at that meeting who were new to the
hobby. This led to discussion of the society's
membership demographics, where new
growth is coming from, and the increasingly
effective role the website is playing in those
activities. The website's features and function-
ality now generate the largest source of new
membership, but both Wendell and Judith
stressed their belief of the importance of con-
tinuing to build awareness in other ways, such
as their practice of including applications with
every paper related e-Bay purchase.

Attendees then engaged in an interesting
and highly interactive dialogue on a number of
technology issues as they affect the Society,
such as transfer of the magazine to alternative media, and
desktop publishing. Several of the members admitted to
thinking about, or working on, or planning to publish a
book project of some kind, and this led to interesting specu-
lation about how future publishing formats might please
collectors - CD, paper, key fob, chip, etc. While nobody
exhibited interest in having state bank note listings embed-
ded under their skin, the Wismer Fund was again cited as
the Society's source of support for viable and appropriate

Anderson

book publication.

There being no formal presentation at this meeting, a
spontaneous, "round- the horn" set of introductions ensued,
in which collectors introduced themselves, synopsized their
collecting interests, and provided any current thoughts or
challenges that came to mind. Members exchanged ideas
where appropriate, possible points of assistance and con-
tact, and enjoyed hearing about a broad range of topics,
including National Bank Note collecting, air disaster pho-
tography, Chattanooga area notes, Texas notes, Oklahoma
notes, type sets, alphabetic approaches to Pennsylvania,
and a very interesting pursuit of notes bearing a pardcular
horse vignette.

Based on the enthusiasm at the meeting, the former
Treasurer and now Vice President encouraged members
who see the Society as a good thing to get involved in the
regional, program, educational, or Board level activities.
This was seconded by Judith Murphy, who also pointed out
and thanked Bill Horton, ANA president who was attend-
ing for his help and support of the hobby and the Society^

This prompted a member to recount his very positive
experience in a recent visit to the ANA, the excellent refer-
ence resources available there, and their rare books room.

Wendell Wolka reported
the donation of a large
group of counterfeit
detectors, from the 1820s
through the ISSOs, whose
digitization and possible
eventual availability
online will be prove high-
ly useful to research.

A member of the
newly founded

Chattanooga Currency
Club asked about other
local or regional clubs,
and suggestions for
"model clubs" were
made. A recent returnee
from a two-month trip
around southeast Asia,
during which he looked
for notes for his collec-
tion. commented that he
found only about 20 new
pieces for himself and only about 40 for friends. This is a
departure from his previous experience, and he believes a
growing number of collectors in that part of the collecting
world are holding onto their notes tightly.

The group also fondly remembered Leo May, who
passed away January 1st, 2006, After other pleasant and
informal anecdotal discussions, the group adjourned for-
mally, but small groups continued to chat about their inter-
ests. *1*

Dealer Leo May in his favored tri-corner hat
examines a collector's book.

PAPER MONEY • March/April 2006 • Whole No, 242

157

ABOUT NATIONALS MOSTLY by Frank Oitk

A neat First

National
Bank of

Logansport
Post Card

LiBicuuHlKirlt — 'I'lur < iinliii^r of

O NE OF THE
more unusual
National Bank post-
cards that T have
seen is the pictured
postcard that has the
caption, "Logans-
port, Ind . ““ The
Cashier of the First
National Bank of that
City rescuing His
Family/' The streets
are flooded and a
man is pulling an
occupied rowboat.

Could that also be
the same cashier on
this $10 1902 Date
Back?

Pencilled on the
back of this unused
postcard is 1913/' In
March 1913 exten-
sive flooding took
place throughout the
Ohio River water-
shed from Illinois to
Pennsylvania and
south to Tennessee.

Many river
stage records were
set in this region.

The Wabash River

crested above 22 feet at Logansport on March 26. The previ-
ous record was 17 feet in February 1883.

Scenes from this devastating flood are found on many
period postcards. *>

(lit' ^llnllllrll ilriiik ut Ititll i'tiy 11

Haz^e a Question?— clip and save
If you have a question about the Society, contact the appropri-
ate officer for help. Please include a self-addressed, stamped
envelope (SASE) with your inquiiy^ Correspondence seiit
without this courtesy cannot be answered. Or you may
inquire via e-inaiL Postal addresses are listed on p. 82.

• Application for membership: Frank Clark or

fra n kcla r ki^'spni c. org

• Status of membership, address change , non-receipt of

magazine, or about the library or the SPMC web site:
Bob Schreiner or bobs@Jspmc.org

• Inquiries about regional /annual meetings: Judith

Murphy or judith@spmc.org

• Matters relating to Paper articles or ads: Fred

Reed or fred@spmc.org

ZCr

1S8

March/April 2006 • Whole No. 242 • PAPER MONEY

The SPMC Library
WhaLs it Worth to You?

T he issue of continuing the spmc library has

been raised before^ and it's before us again. Should we contin-
ue to have a library?

The issue is renewed because I wish to pass on the responsi-
bility for the library. It's not a lot of work, but it is some, and it is
a fair amount of space that I want to use otherwise.

The fact is that the library is little used — maybe 2-3 transac-
tions per month, and some of these are requests for Poper Money
article copies. That doesn't seem to me to justify buying a lot of
books (and there is still tlie space problem}.

An alternative is to donate the SPMC Library to the
American Numismatic Association. Other organizations have
done it, including the International Bank Note Societ}*^ (IBNS) and
the Latin American Paper Money Society (LANSA). If the ANA
accepts the donation — and they will do so only if the material
complements their collection — they will extend general ANA

SPMC Librarian’s Notes
By Bob Schreiner, Libra rfan

Library^ borrowing privileges to SPMC members. Their procedure
is similar to ours. Members pay for nvo-way insured postage for
the materials.

Concerns? Some say that ANA shares their member list with
some numismatic companies without member permission. If we
did donate our coilection to ANA, our members could choose
Nvhether or not to convey their name and address to the ANA. In
fact we would probably require your wTitten permission to give
the ANA your name. We may have less control over new acquisi-
tions, but we could always buy a desired book and donate It to the
ANA Library. We do lose an "educational" activity, and those
activities are part of our reason to exist.

Benefits? Those not members of ANA would have access to a
far more significant library. That has to be the biggest benefit.
There are others: The coilection would receive professional man-
agement. If my house burns down, so does the uninsured collec-
tion.

1 have discouraged any thought of accepting rare or unique
items (such as personal research records) since we cannot ensure
their protection. Anotlner benefit is that the burden of managing
tlie library need not fall on one person, i was enthusiastic to have
the library, but that has waned.

Two members Irave expressed interest in taking the library.
That's good... the library languished in the custody of the last
librarian, whose successor was difficult to find. And these willing
members gives us a choice.

The Board will make a decision about this. It's only certain
that I won't continue as librarian. If you care to express an opin-
ion, write me or President Benny Bolin. This topic will be on the
agenda for our June meeting at the Memphis show.

The SPMC library catalog is on the web, spmc.org. 1 wel-
come your thoughts on libra web, and related areas. I can be
reached at POB 2331, Chapel Hill, NC 27515-2331, or email to
rcschreinen§Yn indspring.com.

noiiicr.

CONIEDERATF. h

Big Splash in Confederate Pond

T'S NO SURPRISE TO READERS WHO HAVE PUR-
chased it, but Pierre Fricke's new book Collecting
Confederate Paper Monei/ (R. M. Smythe, 2005) is destined
to be one of the pivotal numismatic works of all time. I
have already called it the nnost important work on CSA
notes in the last 90 years, when I introduced Pierre at last
summer's SPMC Author's Forum. My thinking was that
Fricke's tome is the first major step in this genre since the
work of William Bradbeer, a big splash in the CSA pond.

While I admire the labors of Grover Criswell, Arlie
Slabaugh, Brent Hughes, Doug Ball, Phil Chase et ah, their
works were merely incremental improvements in collect-
ing this series compared to the revolutionary improve-
ment evidenced by the new Fricke book. Tliis book is flat
out that good -- since it opens for tlie first time ever the
intricacies of CSA note varieties to die average joe.

We will never know what Doug Ball might have done
in cataloging this series (Dr. Douglas B. Ball's CSA Paper
Money Manuscript [unpublished]
was registered at the U.S.

Copyright Office posthumously
Sept. 20, 2004), but Fricke stand-
ing with permission on Ball's
research, coupled with his own
experience, ami a honed sensitiv-
ity for the subtleties of this series
has done a splendid job.

In the past, specialists may
have had the time and energy to
ferret out CSA varieties, but

Fricke (a variety-oriented enthusiast) opens the field for
the rest of us mortals, and levels it out equitably to all
comers.

This book is packed with details, illustrations, pedi-
gree and other insider information. Pierre has applied a
rigorous study to CSA notes that has heretofore escaped
this series, although copper, silver and gold collectors
have benefited from such expertise for years.

But this author does not just explain the nuances of
varieties, he illustrates them clearly, AND even more
helpful to collectors and the growth of CSA hobby, he
groups varieties in interesting ways creating "collections"
that other hobbyists can experience for tliemselves. This
information puts cherry-picking opportunities into the
hands of the masses, and beware any collector or dealer
from now on who neglects this aspect of tire CSA series.

This book is a "must have." <•

PAPER MONEY • March/April 2006 • Whole No, 242

159

HARRY

IS BUYING

NATIONALS —

LARGE AND SMALL

UNCUT SHEETS

TYPE NOTES

UNUSUAL SERIAL NUMBERS

OBSOLETES

ERRORS

HARRY E. JONES

7379 Pearl Rd. #1

Cleveland, Ohio 44130-4808
1-440-234-3330

United States Paper Money

special selectionsjbr discriminating callectors

Buying and Selling

the finest in U, S, paper money

Individual Rarities: Large, Small National

Serial Number One Notes

Large Size Type

Error Notes

Small Size Type

National Currency

Star or Replacement Notes

Specimens, Proofs, Experimentals

Frederick J. Bart

Bart, Inc.

POBox •Roseville, Ml

E mail: BartlncCor@aol.com

Buying & Selling

Quality Collector Currency

■ Colonial & Continental Currency

• Fractional Currency

• Confederate & Southern States
Currency

• Confederate Bonds

• Large Size & Small Size Currency

Always BUYING All of the Above

Call or Ship for Best Offer

Free Pricelist Available Upon Request

James PoUs

4501 Connecticut Avenue NW Suite 306

Washington, DC 20008
(202) 363^6650

Fax: (202) 363-4712

E-mail: Jpolis7935@aoLconi

Member; SPMC, FCCB, ANA

You are invited to visit our web page

www.dlyzivatcurrency.com

For the past 7 years we have offered a good
selection of conservatively graded, reasonably
priced currency for the collector

All notes are imaged for your review

NATIONAL BANK NOTES

LARGE SIZE TYPE NOTES

SMALL LStZE TYPE NOTES

SMALL SIZE STAR NOTES

OBSOLETES

CONFEDERATES

ERROR NOTES

TIM KYZIVAT

(708) 784 - 0974

P.O. Box 451 Western Springs, IL 60558
E-mail tkyzivat@kyzivatcurrency.com

PCDA, SPMC

160

March/April 2006 • Whole No. 242 • PAPER MONEY

“...I didn’t worry

about selling my mother’s
coin collection. Littleton’s
reputation is well deserved.”

K,U LANCASTEK, NH

Inherited coins or paper money? Thinking of selling your
own collection? For over half a century, thousands of
folks just like you have counted on Littleton Coin Company
to provide accurate appraisals and the iiidustr)''s best pricing.
We treat you and your collection with the respect you deserve.
And as the nation’s leading supplier, we buy more and
pay more - from single coins to entire collections. So if
youVe thinking of selling, there’s no need to worry
Call the team of experts at Littleton and put our
more than 100 years of combined experience to
work for you.

CaU 1-800-581-2646 or

E-Mail coinbuy@littletoncoin.com

Littleton

Coin Compan y

Dept. B8F910
1 309 Mt. Eustis Road
Littleton NH 03561-3735

Fax: 1-877-850-3540 ■ Dun & Bradstreet #01-892-9653

Celebrating 60 Years of Friendly Service
www.littIetoncoin.com

02005 irc Inc

CC&A

Currency Conservation & Attribution LLC

The Best of Class
Confederate Currency Holder

Why a new currency holder? For collectors, dealers, and auctioneers of Confederate Treasury notes there are many reasons. Holder
attribution Is important, and CC&\ LLC is the leader in this field. Confederate Treasury notes exist In a vast array of designs and
varieties. In addition to the basic 72 designs, 579 varieties were Identified by Bradbeer, and many more have been identified by
modem research. Confederate notes, unlike modem notes, were hand-signed by three hundred seventy-one men and women.
Knowing who signed your Confederate note is an Important part of its authentication and history. Some Confederate notes were
interest-bearing and exhibit endorsements by historically important Army Quartermasters. "Interest Paid" stamps and issue marks
trace the history of a note. Go to the CC'dfA LLC website at www.csacca.com to see the wealth of information provided.

Contemporary counterfeits of Confederate Treasury notes are also of great Interest to many collectors. These valuable notes
deserve proper attribution as well in a CCafA LLC holder.

Browse our website and learn what we have to offer the community of collectors, dealers, and auctioneers of Confederate Treasury
notes.

GOLLEdlNC

CONFEDERATE PAPER MONEY

A Cmwtflf tnd falljr lllM.iratti tioM*
All Cvafc^rM* Trr** VwiMin

Wriiira Mj Wrrnt Ffwi.

UuU k. I .l«.wwti

To learn more about this holder:

• go to www.csacca.com

• call us at 303-258-7002

• or mail us at CCafA LLC, P.O. Box 2017,
Nederland, CO 80466

We will mail you Information on the CC&A LLC
holder and a CCdf.A LLC Club Membership
Application, allowing you to submit your
Confederate Treasury notes directly to CCdfA LLC:.

With a yearly $99 CC&A LLC Club Membership you
will get four complimentary holder submissions and
Pierre Fricke's stunning new book on CSA Treasury
notes, or six complimentary holders without the
book.

offer subject to change

2 WHEN TFIE TIME TO
SELL COMES, YOU
WANT THE HIGHEST
PRICE. PERIOD!

Whether you are selling a few extra notes from your holdings, or
a comprehensive collection built over decades, Heritage has an
auction venue that will maximize your profits. And our printed
catalogs and online Permanent Auction Archives will memorialize
^3 your collection forever.

yr c

Heritage is America's largest numismatic auction house, offering
you worldwide bidder demand through our exclusive Interactive
internet program on our award-winning websites. There you will
find 230,000+ fellow collectors registered as bidder-members at
HeritageAuctions.com.

When you consign with Heritage, you will benefit from our
decades of experience, our award-winning catalogs & catalogers,
the world's finest numismatic mailing list, and proven marketing
expertise. Our state-of-the-art digital photography has won praises
from around the world, with full-color, enlargeable images of every
single-note lot posted on the Internet. Bidders trust our catalog
descriptions and our full-color images.

THE CSNS SIGNATURE AUCTION, APRIL 2006
Heritage is currently accepting consignments for our Signature
Auction to be held at the Central States Numismatic Society
Convention in Columbus, Ohio. To include your currency
collection in Central States please contact a Consignment Director
today! CONSIGNMENT DEADLINE: MARCH 8, 2006

We thank our devoted elieiil.s for their pasL pn'seiit, and
futiin' patronage. We invite your eonsignrnents and hulding
participation in our upeoining Signatun* \uetion.s. Let ii.s
l>ring your eurRuu*v to the hu>ers an>und llie world and on
the World-W ide Well. Call I -8(M).872-(>i67 i:xt.555 • 21-hour
voieeiiiail or visit our wehsite at lleritage Xuetions.eoni

< A America's Numismatic Auctioneer

HERITAGE

Director of Auctions
FicL 390

Len<lHeritagt!Au(1kwn.cani

uustm lonrHton
Director of Auctions
ExtJ02

OustinffHeritageAiic t lons.com

MIRi? Moc7^a
Consignment Director
Ext.4«I

MichaelMO HcnUgeAudionsxom

cAudim Qcdkrm

Director of /Xudions
Ext 327

A1 lenMfrHentagcAuctions.cafn

EMVin usor

CrwTSignmem Director
ExlJOJ

Davxll<lHeritag|t:Auctinns.com

Da\ia Mayffart
Consignment Director
Ext. 277

DavidMfi'HcritageAuciiom.ccxn

Consignment Director
bcL348

IlmF^'HeritageAuctions.com

3500 Maple Avenue, 17th Floor • Dallas, Texas 75219-3941
1 -(800-872-6467) • 214-528-3500 • FAX: 214-443-8425 • e-mail: Consign@HeritageAuctions.com

Heritage Numismatic Auctions, Inc,; California 3S 3062 1 6 63. Florida AB 0000665. Currency Auctions of America: Florida AB 2218; Illinois 044000217.
Auctioneers: Leo Frese: Florida AU 0001059. California 3S 3062 16 64, New York City; Day 1094965, Night 1094966; Samuel Fbose; Texas 00011727,
California 3S 3062 16 65, North Carolina 7642, Illinois 041000914, Florida AU3244, and New York City; Day 0952360, Night 0952361 . Scott Peterson: Texas
00013256, Florida AU302 1, and North Carolina * 7b27. Boh Korver: New York Ciry. Day 1096338 and Night 109634.

Q 4’07R»pijfMtinpy

roainvitivut.

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